L-3 Agrees to Acquire Chesapeake Sciences Corp.November 25, 2008
The acquisition of the anti-submarine warfare systems expands L-3's naval business.
NEW YORK, NY--(BUSINESS WIRE)--L-3 Communications (NYSE: LLL) announced today that it has entered into an agreement to acquire Chesapeake Sciences Corp. (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.
Headquartered in New York City, L-3 Communications employs over 64,000 people worldwide and is a prime contractor in aircraft modernization and maintenance, C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. L-3 is also a leading provider of high technology products, subsystems and systems. The company reported 2007 sales of $14 billion.
To learn more about L-3, please visit the company's Web site at www.L-3Com.com. L-3 uses its Web site as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company's Web site and is readily accessible.
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