L-3 Communications (LLL) to Acquire Aerosim; No Terms
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
L-3 Communications (NYSE: LLL) announced today the acquisition of Aerosim, including Aerosim Technologies, Inc. (“Aerosim Technologies”) located in Burnsville, Minnesota, and Aerosim Flight Academy, Inc. (“Aerosim Academy”) located in Sanford, Florida. The acquisition was completed on September 30, 2016 and terms were not disclosed. Following the acquisition, Aerosim will be integrated into the L-3 Commercial Training Solutions (L-3 CTS) division of the company’s Electronic Systems business segment and will be renamed L-3 Aerosim-CTC. Aerosim is projected to generate approximately $50 million in sales for the year ending December 31, 2017 and to be accretive to L-3’s earnings.
Aerosim is a globally recognized leader in commercial training with capabilities that are complementary to those offered by L-3 CTS. Aerosim Technologies provides innovative portable and flexible pilot and maintenance technician training products, enhancing efficiency with lower-cost solutions. Aerosim Academy, a flight school for prospective airline pilots, trains both U.S. and international cadets.
“The addition of Aerosim is a good fit with L-3’s expanding business of providing customized solutions that address the global shortage of pilot training resources and the increasing demand for qualified pilots,” said Michael T. Strianese, L-3’s Chairman and Chief Executive Officer. “Aerosim adds value to our portfolio and further exemplifies our disciplined growth strategy in key markets.”
The integration of Aerosim into L-3 CTS further enhances L-3’s potential to develop innovative training, resourcing and simulation solutions. It enables L-3 CTS to provide even stronger airline pilot training capability – augmenting existing flight training operations in Phoenix, Arizona, the United Kingdom, Thailand and New Zealand. The acquisition also provides additional training product capabilities, which aligns with and complements the existing suite of RealitySeven™ Full Flight Simulators and Flat Panel Trainers.
“With its focus on the customer, quality and safety, Aerosim is a strong cultural fit with L-3 CTS and expands our capabilities to provide totally scalable training solutions,” said Alan Crawford, President of L-3 Commercial Training Solutions. “This acquisition demonstrates our commitment to being a leading global flight training organization with an even more comprehensive suite of the highest-fidelity, cost-effective flight training devices.”
Dave Rapley, CEO of Aerosim, added, “By joining L-3 CTS, we will reshape the future of commercial pilot and maintenance training through a shared vision and complementary capability. This collaboration presents a significant opportunity to align our advanced technologies and training excellence to offer our customers a truly integrated and end-to-end solution in the commercial aviation arena.”
L-3 CTS includes L-3 Link UK, L-3 CTC Aviation and now L-3 Aerosim-CTC. It is a world leader in providing intelligent total training solutions for pilots and maintainers across a wide range of commercial platforms. L-3 CTS provides a full spectrum of state-of-the-art training solutions, including ab initio training, airline training, training centers and high-fidelity simulation products.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Herbalife (HLF) Provides Q4, FY17 Guidance in Memorandum for $1.325B Credit Facility; Lowers FY17 Sales Guidance
- EXCO Resources (XCO) Announces Receipt of NYSE Continued Listing Standard Notice
- Procter & Gamble (PG) Tops Q2 EPS by 2c
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!