L-3 Forms $1.2 Billion Marine and Power Systems Group
Focus is on Growth Opportunities, Business Synergies
NEW YORK--(BUSINESS WIRE)--March 11, 2008--L-3 Communications (NYSE: LLL) announced today a strategic realignment of businesses in its Specialized Products segment to form the Marine and Power Systems Group. This new $1.2 billion group includes Power and Control, Automation, Navigation, Undersea Warfare and Offshore businesses. It will be better positioned to leverage growth opportunities and serve military and commercial customers.
"We are taking an increasingly integrated approach to business," said Michael T. Strianese, president and CEO of L-3 Communications. "This realignment will help strengthen organic growth, provide a more unified focus upon the customer and broaden our systems capability."
L-3's Ocean Systems businesses, currently in the Sensors and Simulation Group, will be consolidated with the Power and Control Systems Group resulting in a line of ocean and undersea warfare and sonar products along with power and control systems to provide integrated systems for its customers.
Steven Kantor, currently corporate vice president and group president of L-3's Power and Control Systems, will lead the newly aligned Marine and Power Systems Group.
Headquartered in New York City, L-3 Communications employs over 64,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2007 sales of $14 billion.
To learn more about L-3, please visit the company's web site at www.L-3Com.com.
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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.
CONTACT: L-3 Communications Corporate Communications, 212-697-1111 SOURCE: L-3 Communications