L-3 Announces Acquisition and Disposition
- Acquires FUNA International, GmbH, Expanding Marine and Alternative Energy Capabilities
- Divests InfraredVision Technology Corporation
NEW YORK, Jan 10, 2011 (BUSINESS WIRE) -- L-3 Communications (NYSE: LLL) announced today that it acquired FUNA International, GmbH (FUNA) on December 22, 2010. The terms of the transaction were not disclosed. The business will be included in the Marine & Power Systems Group within L-3's Electronic Systems segment.
Headquartered in Germany, FUNA is a leading supplier of control and safety systems, communication systems and entertainment solutions for cruise ships, ferries and mega yachts. FUNA's fire detection and suppression systems are also used in offshore wind turbines. FUNA is expected to generate approximately $60 million of sales for the year ending December 31, 2011 and to be immediately accretive to L-3's earnings.
"The addition of FUNA creates significant opportunities for revenue synergies by expanding the portfolio of products we offer our Marine & Power Systems customers and by increasing our customer base," said Robert E. Leskow, president of L-3's Marine & Power Systems. "FUNA is known for providing high quality solutions to its customers and expands our offering for complex passenger vessels. FUNA also provides fire safety and suppression systems for offshore wind turbines, fitting well with our strategy to grow business in the offshore wind energy segment."
Separately, L-3 also announced the divestiture of its InfraredVision Technology Corporation business on December 17, 2010. InfraredVision Technology Corporation, based in Buellton, Calif., is a commercial OEM manufacturer of camera subassemblies. L-3 continually evaluates the strategic and financial performance of its business units and, from time to time, may consider further divestitures of non-core businesses as L-3 seeks to drive growth and operating efficiencies across the company.
Headquartered in New York City, L-3 Communications employs over 62,000 people worldwide and is a prime contractor in C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems, aircraft modernization and maintenance, and government services. L-3 is also a leading provider of a broad range of electronic systems used on military and commercial platforms. The company reported 2009 sales of $15.6 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.
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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.
SOURCE: L-3 Communications