L-3 Communications has entered into an agreement to acquire Northrop Grumman’s CA-based Electron Devices and Displays-Navigation Systems businesses.
Financial terms were not disclosed. The acquisition, which is subject to customary closing conditions, is expected to close in November 2002.
These businesses are expected to contribute sales of about $140 million and earnings per share of $0.04 to L-3’s 2003 results of operations.
Located in San Carlos, CA and Williamsport, PA, Electron Devices is a supplier of microwave power devices to all major prime contractors on key military programs, including missile seekers, aircraft navigation and landing systems, airborne and ground radars, and electronic warfare and communications systems.
Displays-Navigation Systems designs ruggedised displays, computers and electronic systems for both military and commercial applications and Shipboard Central Identification Friend or Foe (IFF) systems. Its customers include the US Army and Navy, Lockheed Martin, Bae, General Dynamics UK and Raytheon.