L-3 buying British company

April 12, 2012 at 6:49 AM
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NEW YORK, April 12 (UPI) -- British company Thales Training and Simulation Ltd. is to be purchased by L-3 Communications of the United States.

L-3, which has headquarters in New York, said it had entered into an agreement for a purchase price of about $132 million, which will be funded with cash on hand.

Thales Training and Simulation is a civil aircraft simulation and training business with more than 500 simulators in use by customers worldwide. It also runs a training center in Asia.

"With this acquisition, L-3 will strengthen its existing military training and simulation business by adding full flight simulator capability and expanding into the civil simulation market," said Michael T. Strianese, L-3's chairman, president and chief executive officer.

"The business, when combined with our existing military training and simulation business, will enable L-3 to offer a full range of total training system solutions to military and commercial customers.

"The result for L-3 will be a diversified and expanded simulation and training business and an increased global presence and growth outlook."

L-3 said the acquisition is expected to be completed this summer.

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