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L-3 expanding electro-optical business

Dec. 15, 2011 at 6:52 AM   |   Comments

NEW YORK, Dec. 15 (UPI) -- L-3 Communications aims to add electro-optical/infrared capabilities and products to its business portfolios through a company acquisition.

If customary closing conditions are met and regulatory approvals given, Kollmorgen Electro-Optical will join L-3 in the first quarter of next year.

"KEO's unique and proprietary systems support high-priority Department of Defense programs, expand our existing product portfolio and create a variety of technical synergies and product pull-through opportunities that are applicable across L-3," said Michael T. Strianese, L-3's chairman, president and chief executive officer.

"Taken together, KEO adds important new capabilities and serves as an example of L-3 successfully executing its acquisition strategy."

KEO is a unit of the Danaher Corp. and develops and manufactures specialized equipment, including submarine photonics systems and periscopes, ship fire control systems, visual landing aids, ground electro-optical and sensor-cueing systems.

L-3 Communications said it is purchasing the company for $210 million and that it will be funded with cash on hand.

The purchase "will be structured as an asset purchase for income tax purposes," L-3 said.

KEO will become part of L-3's Integrated Sensor Systems organization, which includes L-3's existing electro-optical/infrared businesses.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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