L3 Strengthens Space Mission Capabilities With Acquisition of Applied Defense Solutions
03 July 2018 - 2:00AM
Business Wire
L3 Technologies (NYSE:LLL) announced today that it has acquired
Applied Defense Solutions (ADS), a leading aerospace engineering,
software development and space situational awareness company. The
purchase price was approximately $50 million, subject to customary
working capital adjustments. ADS is expected to generate
approximately $15 million in sales for the remainder of calendar
year 2018 and approximately $50 million for calendar year 2019. The
transaction is expected to be EPS neutral for 2018 and accretive in
2019. Headquartered in Columbia, Maryland, with offices in Herndon,
Virginia, and Colorado Springs, Colorado, the business will be
renamed L3 ADS and provides the intelligence community, DoD, NASA
and other customers with space systems mission planning, space
exploration and satellite operations, protection and
resiliency.
“L3 ADS strengthens our business in the mission-critical aspects
of space situational awareness, particularly in the area of
multi-domain command and control, which is a key element of our
country’s national security strategy objectives,” said Christopher
E. Kubasik, L3’s Chairman, Chief Executive Officer and President.
“This acquisition, along with our internal research and development
investments, demonstrates our growth strategy of investing in
capabilities, accelerating innovation and delivering integrated
solutions for our customers.”
Headquartered in New York City, L3 Technologies employs
approximately 31,000 people worldwide and is a leading provider of
a broad range of communication, electronic and sensor systems used
on military, homeland security and commercial platforms. L3 is also
a prime contractor in aerospace systems, security and detection
systems, and pilot training. The company reported 2017 sales of
$9.6 billion.
To learn more about L3, please visit the company’s website at
www.L3T.com. L3 uses its website as a channel of distribution of
material company information. Financial and other material
information regarding L3 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180702005571/en/
L3 TechnologiesCorporate Communications212-697-1111
L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
From Apr 2024 to May 2024
L3 Technologies, Inc. (NYSE:LLL)
Historical Stock Chart
From May 2023 to May 2024