NEW YORK--(BUSINESS WIRE)--L3 Technologies (NYSE:LLL) announced today that it has filed a protest with the United States Government Accountability Office (GAO) related to the Fort Rucker Aviation Maintenance and Support contract.
L3 has served as the incumbent contractor at Fort Rucker since 2003, where it has successfully supported this critical military training mission. “We are convinced our proposal represents the best value to both the military and the U.S. taxpayers,” said Christopher E. Kubasik, L3’s President and Chief Operating Officer. “We look forward to the GAO’s review.”
L3’s Senior Vice President and President of its Aerospace Systems business segment, Mark Von Schwarz, echoed Mr. Kubasik’s comments and added, “L3 remains fully committed to serving the U.S. Army and Air Force at Fort Rucker, and the protest will not affect current operations.”
Notwithstanding the company's protest, as a result of the Fort Rucker recompetition loss, the company expects to record an impairment charge during the quarter ending September 29, 2017, for a substantial portion of the Vertex Aerospace business goodwill asset of $187 million. The company is currently assessing the impact of the recompetition loss on the fair value of Vertex, which will ultimately determine the goodwill impairment charge.
Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of $10.5 billion.
To learn more about L3, please visit the company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.
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