L-3 Completes Sale of National Security Solutions Business
By Business Wire News
By Business Wire News
L-3 Communications (NYSE:LLL) announced today that it has completed the previously announced sale of its National Security Solutions (NSS) business to CACI International Inc for $550 million in cash, subject to customary adjustments. NSS provides enterprise and mission information technology services, intelligence operations support and operational infrastructure support.
“The completion of the divestiture of NSS reflects our commitment to sharpening our focus on our core defense electronics, ISR and communications businesses where we have leading positions and global reach,” said Michael T. Strianese, L-3’s chairman and chief executive officer. “As a result, we are even better positioned to drive organic growth and margin enhancement while continuing to deliver the innovative solutions that help our customers meet their goals efficiently and affordably.”
The proceeds from the sale will provide L-3 with additional flexibility to continue focusing on a disciplined and balanced capital allocation strategy to drive shareholder value and enhance the market-leading products and systems the company provides to customers.
Headquartered in New York City, L-3 employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. L-3 is also a prime contractor in aerospace systems. The company reported 2015 sales of $10.5 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.