L-3 Completes Acquisition of Micreo Limited
October 03 2016 - 9:00AM
Business Wire
L-3 Communications (NYSE:LLL) announced today that it completed
the acquisition of Micreo Limited on September 30, 2016. Terms were
not disclosed.
The company, now known as L-3 Micreo, employs approximately 70
people and is located in Brisbane, Australia. The business is
projected to generate AUD$35 million (USD$27 million) in sales for
the year ending December 31, 2017 and to be accretive to L-3’s
earnings.
L-3 Micreo is a market leader in the design and production of RF
and photonic products for radar and electronic warfare, and its
products are currently installed in several of the world’s
frontline military aircraft and ships.
L-3 Micreo will report directly to L-3 TRL Technology, which is
part of the Integrated Sensor Systems (ISS) sector within L-3’s
Electronic Systems business segment. As part of ISS, which delivers
leading-edge sensor solutions in all domains, L-3 Micreo will play
a critical role in helping to further expand L-3’s business in
these areas with a particular focus on the electronic warfare
portfolio.
“We continue to evaluate potential acquisitions that both
strengthen our core businesses and increase our international
presence,” said Michael T. Strianese, L-3’s Chairman and Chief
Executive Officer. “L-3 Micreo supports these objectives by
complementing our electronic warfare capabilities and expanding our
Australian footprint, while enhancing the opportunities we are
currently pursuing.”
Tim Shaw, who will continue in his role at L-3 Micreo as
Executive Director, added, “I’m pleased to continue to serve
customers as part of L-3 Micreo and look forward to this new
chapter for our business. I am confident the company will continue
to grow and thrive as a technology leader as part of L-3.”
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
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.
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