Boeing unit is latest L-3 Communications purchase
- By Roseanne Gerin
- Nov 23, 2004
L-3 Communications Corp. has agreed to purchase the Electron Dynamic Devices Inc. unit of Boeing Co. for an undisclosed amount, the company said today.
Based in Torrance, Calif., EDD designs, manufactures and sells high-tech components and subsystems used in commercial and government satellites. Its federal clients include Defense Department organizations and the military. The company is a key supplier for microwave tubes used in several military defense systems.
"The addition of EDD will compliment our overall product offering in our microwave component products business area," said Frank Lanza, L-3's chairman and chief executive officer. "This will allow us to increase our global product offering and presence in both the military and the commercial markets."
Lanza said L-3 expects the buy will let the company "expand our penetration in U.S. and foreign space programs" and in various military markets.
The acquisition also will expand L-3's network-centric and command, control, communications, computers and intelligence offerings, which include intelligence, surveillance and reconnaissance systems, secure data links, sensors, satellite communication terminals and telemetry and instrumentation products and services.
The deal is expected to close in the first quarter of 2005. L-3 expects EDD to generate revenue of approximately $90 million for the fiscal year ending Dec. 31, 2005, which will be accretive to the company's results.
Headquartered in New York, L-3 provides a range of technology services, support and products to federal, state and local governments and to the commercial sector. Its federal clients include the Defense and Homeland Security departments, government intelligence agencies and aerospace prime contractors. The company ranks No. 14 on Washington Technology's 2004 Top 100 list of federal prime contractors. It employs 38,000 workers and had 2003 revenue of $5.1 billion.