Date: Dec 10, 2003 Source: Business Wire (
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L-3 Communications (NYSE: LLL) announced today that on December 10, it acquired the assets of IPITEK, the defense and aerospace division of IPICOM, Inc., for $27.5 million in cash. The company expects the acquisition to be slightly accretive to L-3 Communications' earnings for 2004.
Based in Carlsbad, California, IPITEK is a leading manufacturer of broadband communications products, state-of-the-art fiber-optic systems and advanced sensor components, including transmitters, optical data links, receivers, amplifiers and uncompressed digital systems. The business is a worldwide leader in the provision of secure optical data link systems for defense and aerospace applications. IPITEK develops and manufactures systems and supporting component technologies for a variety of classified and unclassified customers, including every branch of the U.S. military, certain U.S. government agencies, and all the major prime contractors to the Department of Defense (DoD).
"The IPITEK acquisition adds very important and innovative optical networking technology to our existing and growing Intelligence Surveillance and Reconnaissance (ISR) and secure communications businesses," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications. "This acquisition is necessary to continue our success in secure wideband communications within our ISR segment, and is consistent with our strategy for future product expansion in our Specialized Products segment."
"By being part of L-3, we can broaden the applications of IPITEK's technology to a greater number of key platforms that will be upgraded, as well as other applications, including phased array radars, electronic warfare and communications," continued Mr. Lanza. "IPITEK's light-weight, ultra high-speed and secure network can link all sensors, actuators and onboard communications and has the technological advantage over competitive systems. For the next several years, we expect there will be a very large replacement market for these optical data links in military aircraft. There is also opportunity for applications in commercial markets, including temperature, chemical, biological and structural sensors."
"IPITEK is prized by its customers not only for its cutting-edge technology, but also for its innovative methods of solving difficult technical challenges," said Mr. Lanza. "There is a strong commitment from IPITEK's management and the engineering staff to exceed customer expectations, and this should lead to continued solid growth in this niche of the defense 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 and is a merchant supplier of a broad array of high technology products. 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 www.L-3Com.com.
