NEW YORK, Dec. 2 -- L-3 Communications has signed an agreement to acquire SAM Electronics GmbH (SAM) for $150 million in cash, subject to customary closing conditions and regulatory approvals. L-3 said it expects to complete the purchase in the first half of 2006.
Headquartered in Hamburg, Germany, SAM is a manufacturer of maritime electrical and electronic systems to shipyards, shipping companies, international navies and commercial shipyards.
"SAM is an electrical system integrator for commercial and military ships, and that gives L-3 expanded markets in a growing commercial segment for both the building of new ships and the power conversion of existing ships," said Frank C. Lanza, chairman and CEO of L-3 Communications.
Lanza said the purchase gives L-3 more growth opportunities as more ship systems move from mechanical systems to electric power. He added that the fact that SAM is a major supplier to the German navy and also supplies other navies gives L-3 a presence in the worldwide market.
L-3 makes intelligence, surveillance and reconnaissance systems and high technology products primarily for communication, guidance and navigation. For more information, visit: www.L-3Com.com