L-3 Agrees to Acquire Kollmorgen Electro-Optical
- Adds New EO/IR Capabilities and Product Lines
The acquisition is anticipated to be completed in the first quarter of 2012, subject to customary closing conditions and regulatory approvals, and will be structured as an asset purchase for income tax purposes. For the year ending December 31, 2012, KEO is expected to generate sales in the range of approximately $160 million to $170 million, and estimated earnings before interest, taxes, depreciation and amortization before giving effect to the expected synergies, transaction costs, and purchase accounting adjustments (EBITDA) in the range of $26 million to $30 million. Upon closing, the acquisition is expected to be immediately accretive to L-3's results of operations.
Military Unmanned Ground Vehicle (UGV) Market Report 2015-2025
"KEO's unique and proprietary systems support high-priority DoD programs, expand our existing product portfolio and create a variety of technical synergies and product pull-through opportunities that are applicable across L-3," said Michael T. Strianese, L-3's chairman, president and chief executive officer. "Taken together, KEO adds important new capabilities and serves as an example of L-3 successfully executing its acquisition strategy."
Pending the successful completion of this transaction, KEO will become part of L-3's Integrated Sensor Systems organization. The Integrated Sensor Systems Sector currently includes L-3's existing electro-optical/infrared (EO/IR) businesses addressing the air, ground and maritime markets and is reported in L-3's Electronic Systems segment.
"KEO expands and broadens our base in the EO/IR market, a key strategic growth area for L-3, and strengthens our position as a mission-critical sensor systems provider," added Wes Motooka, president of L-3's Integrated Sensor Systems Sector.
Mr. Motooka noted that KEO's technologies provide situational awareness and will enhance current L-3 products, including ISR and targeting sensors, infrared imagers, laser range finders and optical assemblies.
Your company’s press release on ASDNews and to thousands of other journalists and editors? Use our ASDWire press release distribution service.
Source : L-3 Communications Holdings Inc. (NYSE: LLL)
Aug 29 - 31, 2016 - Clearwater Beach, United States