NEW YORK, Sept. 22 -- Intelligence, surveillance and reconnaissance systems provider L-3 Communications announced today that it has signed an agreement to acquire electro-optical (EO) product and system maker EOTech Inc. of Ann Arbor, Mich., for approximately $49 million in cash. The acquisition, subject to customary closing conditions, is expected to be completed before the end of the year.
Using advanced laser and holographic technology to enhance optical systems in target acquisition systems, EOTech produces holographic weapon sights for sale to both domestic and international military customers, as well as the homeland security and law enforcement markets. EOTech manufactures a holographic sighting system to interface with tactical small and medium caliber weapon platforms. The company's US customers include the Army's Special Operations Command, the Navy, Marine Corps and the Drug Enforcement Administration and its products are currently in use in Iraq and Afghanistan.
"EOTech provides L-3 with a technologically advanced product line of weapons sights and production capability that enhances our EO/IR business, and moves us forward in our strategy to expand our product base in this growing segment," said Frank C. Lanza, chairman and CEO of L-3 Communications. "EOTech's operations are very complementary with our Brashear business and will create increased opportunities for L-3 in the special operations, special mission and law enforcement marketplaces."
For more information, visit: www.L-3Com.com