L-3 Agrees to Acquire Assets of Implant Sciences
October 10 2016 - 8:20AM
Business Wire
– Leader in the Design and Manufacture of
Explosives Trace Detection (ETD) Systems and Sensors for Homeland
Security and Defense Markets –
L-3 Communications (NYSE:LLL) announced today that it has
entered into an asset purchase agreement (APA) to acquire certain
assets of Implant Sciences Corporation (Implant) for $117.5 million
in cash, plus the assumption of specified liabilities. L-3 intends
to finance the asset purchase using its existing cash on hand.
Implant has recently entered into Chapter 11 Bankruptcy protection,
and the consummation of the APA will be subject to approval of the
U.S. Bankruptcy Court. Following a successful acquisition, the
assets will be integrated into L-3’s Security & Detection
Systems division within its Electronic Systems business
segment.
Pursuant to the terms of the APA, L-3 will acquire the
explosives trace detection (ETD) business of Implant. The company’s
ETD products have received approvals and certifications from
several international regulatory agencies, including the TSA in the
U.S., ECAC in Europe and the Ministry of Public Safety in China. In
September 2016, the TSA placed a delivery order for 1,353 of the
QS-B220 systems and related supplies.
“L-3’s leadership across a broad scope of security and detection
technologies will be enhanced by these assets, supporting our
strategy to provide our customers with scalable, integrated
solutions that meet the evolving global demand,” said Michael T.
Strianese, L-3’s Chairman and Chief Executive Officer.
Based in Wilmington, Massachusetts, Implant filed for bankruptcy
protection pursuant to Chapter 11 of the U.S. Bankruptcy Code on
October 10, 2016. L-3 will be, subject to U.S. Bankruptcy Court
approval, entitled to a breakup fee and expense reimbursement if it
does not prevail as the successful bidder at any subsequent auction
in accordance with the terms of the APA. L-3’s role as purchaser
and the sale itself are subject to approval by the U.S. Bankruptcy
Court.
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 1995
Except for historical information contained herein, the matters
set forth in this news release are forward-looking statements.
Statements that are predictive in nature, that depend upon or refer
to events or conditions or that include words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,”
“could” and similar expressions are forward-looking statements. The
forward-looking statements set 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 Safe Harbor Compliance
Statement for Forward-Looking Statements included in the company’s
recent filings, including Forms 10-K and 10-Q, with the Securities
and Exchange Commission. The forward-looking statements speak only
as of the date made, and the company undertakes no obligation to
update these forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161010005567/en/
L-3Corporate Communications212-697-1111
L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
From Mar 2024 to Apr 2024
L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
From Apr 2023 to Apr 2024