L-3 Acquires Aerosim
October 04 2016 - 11:31AM
Business Wire
L-3 Communications (NYSE:LLL) announced today the acquisition of
Aerosim, including Aerosim Technologies, Inc. (“Aerosim
Technologies”) located in Burnsville, Minnesota, and Aerosim Flight
Academy, Inc. (“Aerosim Academy”) located in Sanford, Florida. The
acquisition was completed on September 30, 2016 and terms were not
disclosed. Following the acquisition, Aerosim will be integrated
into the L-3 Commercial Training Solutions (L-3 CTS) division of
the company’s Electronic Systems business segment and will be
renamed L-3 Aerosim-CTC. Aerosim is projected to generate
approximately $50 million in sales for the year ending December 31,
2017 and to be accretive to L-3’s earnings.
Aerosim is a globally recognized leader in commercial training
with capabilities that are complementary to those offered by L-3
CTS. Aerosim Technologies provides innovative portable and flexible
pilot and maintenance technician training products, enhancing
efficiency with lower-cost solutions. Aerosim Academy, a flight
school for prospective airline pilots, trains both U.S. and
international cadets.
“The addition of Aerosim is a good fit with L-3’s expanding
business of providing customized solutions that address the global
shortage of pilot training resources and the increasing demand for
qualified pilots,” said Michael T. Strianese, L-3’s Chairman and
Chief Executive Officer. “Aerosim adds value to our portfolio and
further exemplifies our disciplined growth strategy in key
markets.”
The integration of Aerosim into L-3 CTS further enhances L-3’s
potential to develop innovative training, resourcing and simulation
solutions. It enables L-3 CTS to provide even stronger airline
pilot training capability – augmenting existing flight training
operations in Phoenix, Arizona, the United Kingdom, Thailand and
New Zealand. The acquisition also provides additional training
product capabilities, which aligns with and complements the
existing suite of RealitySeven™ Full Flight Simulators and Flat
Panel Trainers.
“With its focus on the customer, quality and safety, Aerosim is
a strong cultural fit with L-3 CTS and expands our capabilities to
provide totally scalable training solutions,” said Alan Crawford,
President of L-3 Commercial Training Solutions. “This acquisition
demonstrates our commitment to being a leading global flight
training organization with an even more comprehensive suite of the
highest-fidelity, cost-effective flight training devices.”
Dave Rapley, CEO of Aerosim, added, “By joining L-3 CTS, we will
reshape the future of commercial pilot and maintenance training
through a shared vision and complementary capability. This
collaboration presents a significant opportunity to align our
advanced technologies and training excellence to offer our
customers a truly integrated and end-to-end solution in the
commercial aviation arena.”
L-3 CTS includes L-3 Link UK, L-3 CTC Aviation and now L-3
Aerosim-CTC. It is a world leader in providing intelligent total
training solutions for pilots and maintainers across a wide range
of commercial platforms. L-3 CTS provides a full spectrum of
state-of-the-art training solutions, including ab initio training,
airline training, training centers and high-fidelity simulation
products.
Headquartered in New York City, L-3 employs approximately 38,000
people worldwide and is a leading provider of a broad range of
communication and electronic systems and products used on military
and commercial platforms. L-3 is also a prime contractor in
aerospace systems. The company reported 2015 sales of $10.5
billion.
To learn more about L-3, please visit the company’s website at
www.L-3com.com. L-3 uses its website as a channel of distribution
of material company information. Financial and other material
information regarding L-3 is routinely posted on the company’s
website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except for historical information contained
herein, the matters set forth in this news release are
forward-looking statements. Statements that are predictive in
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forth above involve a number of risks and uncertainties that could
cause actual results to differ materially from any such statement,
including the risks and uncertainties discussed in the company’s
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included in the company’s recent filings, including Forms 10-K and
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forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
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