NEW YORK, Oct. 23 -- L-3 Communications announced yesterday it has agreed to acquire Vertex Aerospace LLC from Veritas Capital, a private equity investment firm based in New York, for $650 million in cash. The acquisition is expected to close in December 2003 and is subject to customary closing conditions.
Vertex is a provider of aerospace and other technical services to the Department of Defense (DoD) and other government agencies, including the US Air Force, Navy, Army, Marines, Department of Homeland Security, Drug Enforcement Administration and NASA. Its services include logistics support, modernization, maintenance, supply chain management and pilot training.
L-3 said the acquisition will expand its participation in military aircraft modernization and maintenance.
"The Vertex acquisition is a very significant milestone for L-3 Communications," said Frank C. Lanza, chairman and CEO of L-3 Communications. "This is the second-largest acquisition we have made in our history, and Vertex is right at the center of DoD priorities -- modernizing and upgrading existing US military assets to help our forces fight in transformational ways. We expect that aircraft modernization will receive even more focus as the DoD continues to look at maximizing its current assets and saving costs by upgrading its existing platforms rather than building new ones."
L-3 Communications provides of intelligence, surveillance and reconnaissance systems; secure communications systems; aircraft modernization, training and government services; and various high-technology products to government, aerospace and telcommunications contractors.
For more information, visit: www.L-3Com.com