CAE completes final elements of Marine Controls unit sale to L-3 Communications
01 September 2005 - 7:33AM
PR Newswire (US)
MONTREAL, Aug. 31 /PRNewswire-FirstCall/ -- (NYSE: CGT; TSX: CAE) -
CAE Inc. and L-3 Communications Corporation (NYSE:LLL) have closed
the final portion of the sale and purchase of CAE's Marine Controls
unit. This portion comprised L-3's acquisition of CAE's shares in
FAST Holdings Limited and the release of CAE's guarantee of
approximately C$52 ((pnds stlg) 23) million of FAST project finance
debt, following receipt of final approvals. The sale and purchase
of CAE's Marine Controls unit was previously announced on February
3, 2005. Headquartered in New York City, L-3 Communications is a
leading provider of Intelligence, Surveillance and Reconnaissance
(ISR) systems, secure communications systems, aircraft
modernization, training and government services and is a merchant
supplier of a broad array of high technology products. Its
customers include the Department of Defense, Department of Homeland
Security, selected U.S. Government intelligence agencies and
aerospace prime contractors. CAE is a leading provider of
simulation and modelling technologies as well as integrated
training services for commercial and business aviation, and defence
customers worldwide. The company has annual revenues of
approximately C$1 billion, with operations and training facilities
in 17 countries on five continents. DATASOURCE: CAE INC. CONTACT:
Media contacts: Nathalie Bourque, Vice President, Global
Communications, (514) 734-5788, Anne von Finckenstein, Manager,
Public Relations, (514) 340-5370, ; Investor relations: Andrew
Arnovitz, Director, Investor Relations, (514) 734-5760, ; On the
Web: http://www.cae.com/
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