L-3 Communications (LLL) Enters Agreement to Acquire Australia-Based Micreo Limited
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L-3 Communications (NYSE: LLL) announced that it has entered into a contract to acquire Micreo Limited, a specialized Electronic Warfare subsystems provider in Australia. The acquisition is expected to be completed during September 2016 following the satisfaction of standard closing conditions. Following the acquisition, Micreo Limited will be integrated into the Electronic Systems Segment and will be renamed L-3 Micreo. Micreo 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.
Based in Brisbane, Australia, Micreo specializes in solutions that utilize high-performance microwave, millimeter wave and photonic technology that complements L-3’s wide range of sensors and will strengthen L-3’s development of future products in the higher EW RF bandwidth. The company’s unique, patented products are market-ready for ISR and EW applications, and it currently supports a variety of airborne, land and security programs in Australia. The business also has counter-IED capabilities that will specifically enhance L-3’s existing range of man-portable and vehicle electronic counter measures (ECM) equipment. Micreo has approximately 70 employees.
“As part of L-3, Micreo will expand our technical expertise and offerings, providing immediate synergies with L-3 products as well as adjacent growth opportunities across our existing business,” said Michael T. Strianese, L-3’s Chairman and Chief Executive Officer. “Importantly, this addition will help drive L-3’s international growth, while providing cross-selling opportunities in key markets.”
“L-3 Micreo will enhance our core business in Australia, supporting multiple L-3 segments,” added Christopher E. Kubasik, L-3’s President and Chief Operating Officer. “In addition to our ongoing SATCOM, Maritime, Warrior Systems, Aviation and aircraft modification programs, Micreo will add new in-country resources for our growing customer base in Australia and the Asia-Pacific region.”
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