| NEW YORK, Nov 24, 2008 (BUSINESS WIRE) -- L-3 Communications (NYSE: LLL) announced today that it has entered into
an agreement to acquire Chesapeake Sciences Corporation (CSC). Terms
were not disclosed. CSC is a developer and manufacturer of
anti-submarine warfare (ASW) systems based in Millersville, Md. The
business is expected to generate approximately $70 million of sales for
the year ending December 31, 2009. The acquisition is anticipated to be
completed by March 2009, subject to standard regulatory approvals, and
to be accretive to L-3's 2009 earnings.
CSC is a high technology company that specializes in the development,
test and integration of towed sonar arrays for use onboard submarines
and surface ship combatants. The unit complements L-3's current product
line of undersea and airborne acoustic sensors, sonar systems and mine
warfare systems and expands the company's ASW capability.
"CSC's demonstrated ability to deliver advanced sensor systems involving
telemetry, signal processing and ocean sciences is impressive and will
be a welcome addition to L-3's portfolio of undersea products," said
Steve Kantor, president of the 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, C(3)ISR (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.
Safe Harbor Statement Under the Private Securities Litigation Reform
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Except for historical information contained herein, the matters set
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"intends," "plans," "believes," "estimates," "will," "could" and similar
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statements set forth above involve a number of risks and uncertainties
that could cause actual results to differ materially from any such
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company's Safe Harbor Compliance Statement for Forward-looking
Statements included in the company's recent filings, including Forms
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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
L-3 Communications
Corporate Communications
212-697-1111
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