Optex Systems Holdings, Inc. (OTCQB: OPXS ), a leading manufacturer of optical sighting systems and assemblies primarily for Department of Defense applications, reported the completion of the acquisition of Applied Optics Center (AOC) Division of Warrior Systems Sector with the Electronics Systems Business Segment of L-3 Communications Corporation.
"Optex Systems is pleased to join forces with the AOC Team and the products and skills that they bring to the new organization. Optex Systems and AOC have been associated on a supply basis for over 20 years and to now have shared synergy in optical coatings and sighting systems is extremely exciting," stated Danny Schoening, Optex CEO. "Serving many of the same customers, the synergies of the two companies provide additional competitive opportunities not served as separate entities," he continued.
"AOC is an excellent fit with Optex with our similar customer base in the defense business. The speed and agility that Optex Systems brings to our combined organization will help us serve our existing customers more efficiently and align our efforts for growth. This will also allow a seamless transition from L-3 Communications as an internal customer to L-3 Communications as an external customer," stated Billy Bates, Optex - AOC General Manager.
Merrick Okamoto, Optex's Chairman also commented, "Our corporate focus continues to be on merger and acquisition opportunities to take advantage of our underutilized capacity and low cost manufacturing during this cycle of lower defense spending. We are excited this acquisition will provide new growth opportunities and a new Commercial Optical Coating vertical which will reduce our dependence on defense related contracts."
Source: Optex Systems Holdings, Inc.
Date: Nov 4, 2014