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NG sells Electro-Optical Systems to L-3

March 13, 2008 at 11:44 PM
LOS ANGELES, March 13 (UPI) -- U.S. company Northrop Grumman said Wednesday it was selling its Electro-Optical Systems unit to L-3 Communications.

Northrop Grumman said in a statement it had "signed a definitive agreement to sell its Electro-Optical Systems business for $175 million in cash to L-3 Communications."

"Completion of the transaction, subject to customary conditions including Hart-Scott-Rodino approval, is expected in the second quarter of 2008. Electro-Optical Systems, a part of the company's Electronic Systems sector, produces night vision and applied optics products and had sales of approximately $190 million in 2007," Northrop Grumman said.

"Headquartered in Garland, Texas, Electro-Optical Systems has approximately 1,000 employees," the company said.

Northrop Grumman describes itself as "a $32 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide."