NEW YORK--(BUSINESS WIRE)--L-3 Communications (NYSE:LLL) announced today that it completed the acquisition of Micreo Limited on September 30, 2016. Terms were not disclosed.
The company, now known as L-3 Micreo, employs approximately 70 people and is located in Brisbane, Australia. The business is projected to generate AUD$35 million (USD$27 million) in sales for the year ending December 31, 2017 and to be accretive to L-3’s earnings.
L-3 Micreo is a market leader in the design and production of RF and photonic products for radar and electronic warfare, and its products are currently installed in several of the world’s frontline military aircraft and ships.
L-3 Micreo will report directly to L-3 TRL Technology, which is part of the Integrated Sensor Systems (ISS) sector within L-3’s Electronic Systems business segment. As part of ISS, which delivers leading-edge sensor solutions in all domains, L-3 Micreo will play a critical role in helping to further expand L-3’s business in these areas with a particular focus on the electronic warfare portfolio.
“We continue to evaluate potential acquisitions that both strengthen our core businesses and increase our international presence,” said Michael T. Strianese, L-3’s Chairman and Chief Executive Officer. “L-3 Micreo supports these objectives by complementing our electronic warfare capabilities and expanding our Australian footprint, while enhancing the opportunities we are currently pursuing.”
Tim Shaw, who will continue in his role at L-3 Micreo as Executive Director, added, “I’m pleased to continue to serve customers as part of L-3 Micreo and look forward to this new chapter for our business. I am confident the company will continue to grow and thrive as a technology leader as part of L-3.”
Headquartered in New York City, L-3 employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. L-3 is also a prime contractor in aerospace systems. The company reported 2015 sales of $10.5 billion.
To learn more about L-3, please visit the company’s website at www.L-3com.com. L-3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company’s website and is readily accessible.
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