L-3 Communications (NYSE:LLL) announced today the completion of the previously announced sale of its Marine Systems International (MSI) business to Wärtsilä Corporation for €295 million, after the assumption by Wärtsilä of approximately €60 million of MSI employee pension-related liabilities and customary adjustments for closing date working capital.
“We are pleased to have completed the divestiture of our MSI business, marking another milestone in our ongoing effort to reshape our portfolio and strengthen focus on our core businesses,” said Michael T. Strianese, L-3’s chairman, president and chief executive officer. “We continue to evaluate additional portfolio-shaping opportunities that strengthen our ability to deliver innovative solutions in our core markets, increase the company’s operating margin, and enhance our future growth profile, all with a focus on increasing value for our shareholders.”
Based on the terms of the sale and the previously disclosed forward contract to sell €285 million at a U.S. dollar exchange rate of approximately $1.08, proceeds from the MSI divestiture total approximately $318 million, before selling and other transaction expenses.
Source: L-3 Communications
Date: May 29, 2015