L-3 closes 2010 with acquisition and divestiture
Company sells Calif. firm, buys German safety systems manufacturer
L-3 Communications Corp. was busy the last month of 2010, selling one company and buying another.
On Dec. 17, L-3 sold InfraredVision Technology Corp., a manufacturer of camera subassemblies.
The Buellton, Calif., company was acquired by LumaSense Technologies Inc., a provider of temperature and gas sensing solutions used in a wide range of industries. Financial terms of the acquisition were not disclosed.
The ITC acquisition will allow the company to expand its offerings into areas such as public safety with specialized applications that include security, traffic control and firefighting, a LumaSense announcement explained.
L-3 did not rule out further such activities in 2011.
“L-3 continually evaluates the strategic and financial performance of its business units and, from time to time, may consider further divestitures of non-core businesses as L-3 seeks to drive growth and operating efficiencies across the company,” a company statement said today.
On Dec. 22, L-3 acquired Funa International GmbH, a German supplier of control and safety systems, communication systems and entertainment solutions for cruise ships, ferries and mega yachts. Terms of that transaction also were not disclosed.
The business will be included in the Marine & Power Systems Group within L-3’s Electronic Systems segment.
Funa’s fire detection and suppression systems are also used in offshore wind turbines, L-3 added.
The acquisition is expected to generate approximately $60 million of sales for the year ending Dec. 31, 2011 and to be immediately accretive to L-3’s earnings.
L-3 Communications, of New York City, ranks No. 8 on Washington Technology’s 2010 Top 100 list of the largest federal government contractors.
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David Hubler is senior editor of Washington Technology. Follow him on Twitter: @DavidHubler.