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NEW YORK, December 4, 2003. L-3 Communications has completed the acquisition of Vertex Aerospace LLC from Veritas Capital, a private equity investment firm based in New York, for $650 million in cash. The new business unit, now renamed L-3 Communications AeroTech LLC (L-3 AeroTech), will operate as a subsidiary of L-3 Communications' Integrated Systems subsidiary (L-3 IS) and is expected to contribute approximately $800 million of sales and $0.12 per diluted share to L-3's results in 2004.
L-3 AeroTech is a leading provider of aerospace and other technical services to the Department of Defense (DoD) and other government agencies, including the U.S. Air Force, U.S. Navy, U.S. Army, U.S. Marine Corps, Department of Homeland Security (DHS), Drug Enforcement Administration (DEA) and NASA.
Their services include logistics support, modernization, maintenance, supply chain management and pilot training. L-3 AeroTech's well respected engineering and technical staff supports military training aircraft, tactical aircraft, cargo and utility aircraft and other defense-related platforms representing over 2,600 active fixed and rotary wing aircraft and over 85 vehicle platforms. In addition, the company deploys highly mobile, quick-response field teams worldwide, with operations at 306 sites in 41 states and 34 countries, to provide critical mission support.
The acquisition broadens L-3's participation in military aircraft modernization, a significant part of the growing DoD Operations & Maintenance budget. Operational and marketing synergies between the two companies were previously demonstrated by the $2.7 billion contract award in September to an L-3 Communications and Vertex joint venture to maintain the training fleet at Fort Rucker used for primary and advanced systems flight instruction to prepare U.S. Army aircrews for deployment around the world.
L-3 Communications Integrated Systems is an SEI CMM Level 5 developer and integrator of complex electronic systems for intelligence, surveillance and reconnaissance (ISR) missions. Headquartered in Greenville, Texas, L-3/IS also operates from major sites in Waco, Texas; Lexington, Ky.; Tulsa, Okla. and Avalon, Australia.
Headquartered in New York City, L-3 Communications is a 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.
To learn more, visit www.L-3com.com .
Military & Aerospace Electronics
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