L-3 Acquires International Resources Group Ltd.
NEW YORK--(BUSINESS WIRE)--Dec. 5, 2008--L-3 Communications (NYSE: LLL) announced today that it acquired International Resources Group Ltd. (IRG), an international professional services firm, on December 3, 2008. Terms of the transaction were not disclosed. The business is expected to generate approximately $100 million of sales for the year ending December 31, 2009 and to be immediately accretive to L-3's earnings. IRG will continue to operate out of its Washington, D.C. headquarters.
IRG provides specialized management, policy and training support to U.S. government agencies and international development organizations in the areas of energy, environment and natural resource management, relief and reconstruction, and economic development. The firm has a current project presence in over 30 nations.
"Together we will now be able to offer government agencies, international organizations and foreign nations comprehensive solutions to the most complex requirements of development, institutional capacity building and stability operations," said retired General Carl E. Vuono, president of L-3's Services Group.
General Vuono also noted that the acquisition of IRG will enable L-3 to diversify and expand its service capabilities and penetrate new markets both internationally and domestically.
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. L-3 uses its Web site as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company's Web site and is readily accessible.
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CONTACT: L-3 Communications
Source: L-3 Communications