Printer Friendly

L-3 Communications Agrees to Acquire Nova Engineering.

NEW YORK -- L-3 Communications announced today that it has agreed to acquire Nova Engineering (Nova) for $45 million in cash, plus an additional purchase price not to exceed $10 million that is contingent upon Nova's future financial performance. The business is expected to generate annual sales of approximately $40 million for the year ending December 31, 2007, and will be included in L-3's Command, Control, Communications, Intelligence, Surveillance and Reconnaissance (C3ISR) reportable segment. The acquisition is expected to be completed in the third quarter of 2006, subject to customary closing conditions, and to be slightly accretive to L-3's earnings for 2006.

Located in Cincinnati, OH, Nova designs and manufactures state-of-the-art communication systems for network-centric warfare and technology-driven applications. Its businesses include unattended sensor communications systems, military test and training range instrumentation and wireless modems. Nova provides software defined radios and technology for the Department of Defense (DoD) and aerospace prime system integrators, and develops application-specific digital and radio frequency (RF) chip technologies. Nova Engineering products are used with air vehicles, weapons, unmanned aerial vehicles (UAVs) and space programs, and are used by the DoD, the Special Operations Command (SOCOM), aerospace prime system integrators, the intelligence community, first responders and industrial customers.

"Nova is a key addition to our C3ISR capabilities," said Michael T. Strianese, interim chief executive officer and chief financial officer of L-3 Communications. "The company has a premier position on critical DoD programs, including the Joint Tactical Radio System (JTRS), Tactical Remote Sensor Systems (TRSS), the Operational Test - Tactical Engagement System (OT-TES) and the U.S. Army Spider Program."

"Nova technology and experience will enhance our existing high-performance intelligence collection, imagery processing, and satellite communications products," continued Mr. Strianese. "Their talents in communication system design, waveform processing, RF engineering, signal process, digital hardware and software development directly complement key L-3 C3ISR businesses."

Mr. Strianese also noted that Nova expands L-3's presence in a number of key platform areas. Nova provides an entree into the JTRS Cluster I, expands L-3's position on the Airborne Maritime Fixed (AMF) (JTRS III/IV) program and enhances the company's ability to market its products into the small UAV market.

Headquartered in New York City, L-3 Communications is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services. The company is a leading merchant supplier of a broad array of high technology products, including guidance and navigation, sensors, scanners, fuzes, data links, propulsion systems, simulators, avionics, electro optics, satellite communications, electrical power equipment, encryption, signal intelligence, antennas and microwave components. L-3 also supports a variety of Homeland Security initiatives with products and services. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies and aerospace prime contractors.

To learn more about L-3 Communications, please visit the company's web site at


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" 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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Aug 14, 2006
Previous Article:Circle K Stores Selects KSS for Fuel Price Automation; Largest Subsidiary of Alimentation Couche-Tard to Use KSS PriceNet to Set Daily Fuel Pump...
Next Article:Hearst Magazines Hosts ''30 Days of Fashion'' Event and Charity Auction; First Major Event in New Hearst Tower to Benefit Ovarian Cancer Research...

Related Articles
Matching skills to needs.
Nova Acquires Communications 2000.
Nova Appoints New President -- Current CEO of Communications 2000.
Report Explores the Future of Hellenic TV.
Novas enhances debug technology platform.
Nova CEO to Pledge Personal Shares for Company Financing.
Nova Scotia agency raises container handling fees. (Municipal Recycling).
Nova Communications Letter to Stockholders.
PowerSki Merger Prompts Nova Shareholder to Retire 40 Million Shares.
Trade and professional magazine, journal, newsletter & online information periodicals, start-up or announced, fourth quarter, 2006.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters