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4-Traders Homepage  >  Equities  >  Nyse  >  L-3 Communications Holdings, Inc.    

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L 3 Communications : L3 Completes Acquisition of Implant Sciences

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01/05/2017 | 10:31pm CET

L3 Technologies (NYSE:LLL) announced today that it has completed its acquisition of the explosives trace detection (ETD) business of Implant Sciences Corporation (Implant), and it was funded with cash on hand. As previously announced, L3 entered into an asset purchase agreement (APA) to acquire certain assets of Implant for $117.5 million in cash, plus the assumption of specified liabilities. Implant had previously entered into Chapter 11 bankruptcy protection and received U.S. Bankruptcy Court approval to consummate the APA in December 2016. L3 will integrate this business into its Security & Detection Systems division within the Electronic Systems business segment.

Implant’s ETD products have received approvals and certifications from several international regulatory agencies, including the TSA in the U.S., ECAC in Europe and the Ministry of Public Safety in China. In September 2016, the TSA placed a delivery order for 1,353 of Implant’s QS-B220 systems and related supplies.

“We are pleased to complete the acquisition of this business, which bolsters L3’s leadership in efficient, scalable security solutions and greatly enhances our capabilities in the global aviation security and national security markets,” said Michael T. Strianese, L3’s Chairman and Chief Executive Officer. “Adding Implant’s ETD business complements our market-leading checkpoint management systems and security efficiency software through our recent acquisition of MacDonald Humfrey. Together, these businesses provide L3 with a full suite of solutions and position us to capitalize on the significant opportunities in the growing security and detection market.”

“Over the past year, we have focused on developing total aviation checkpoint solutions built around our innovative ClearScan carry-on baggage screening system and our ProVision® personnel screener, and we introduced a number of new integrated systems to increase the efficiency of the security screening process. The Implant Sciences team developed state-of-the-art trace detection technologies that are market-ready and fill a critical gap in our sensor portfolio,” added Tom Ripp, President of L3 Security & Detection Systems. “The Implant Sciences management team brings both strong domain expertise coupled with deep technical capabilities focused on innovative trace solutions, and we look forward to the team’s contribution to achieving our strategic growth initiatives.”

Based in Wilmington, Massachusetts, Implant filed for bankruptcy protection pursuant to Chapter 11 of the U.S. Bankruptcy Code on October 10, 2016, with the intent to sell its assets pursuant to court-approved bidding procedures. L3 was the successful bidder under these procedures and received approval from the U.S. Bankruptcy Court to proceed with the transaction.

Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication and electronic systems and products used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The Company reported 2015 sales of $10.5 billion.

To learn more about L3, please visit the Company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material Company information. Financial and other material information regarding L3 is routinely posted on the Company’s website and is readily accessible.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the Company’s Safe Harbor Compliance Statement for Forward-Looking Statements included in the Company’s recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update these forward-looking statements.


© Business Wire 2017
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Financials ($)
Sales 2016 10 302 M
EBIT 2016 994 M
Net income 2016 656 M
Debt 2016 2 909 M
Yield 2016 1,94%
P/E ratio 2016 17,48
P/E ratio 2017 17,65
EV / Sales 2016 1,40x
EV / Sales 2017 1,35x
Capitalization 11 511 M
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 173 $
Spread / Average Target 16%
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Managers
NameTitle
Michael T. Strianese Chairman & Chief Executive Officer
Christopher Eugene Kubasik President & Chief Operating Officer
Ralph G. D'Ambrosio Chief Financial Officer & Senior Vice President
Paul J. De Lia Vice President-Science & Technology
Lewis Kramer Director
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