L-3 Agrees to Acquire Chesapeake Sciences , Expands Naval Business

(New York, November 24, 2008) -- 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.

Source : L-3 Communications Holdings Inc. (NYSE: LLL)