L-3 COMMUNICATIONS COMPLETES ACQUISITION OF CAE'S MARINE CONTROLS
Montréal, February 7, 2005 - L-3 Communications (NYSE: LLL) announced today that it completed the acquisition of substantially all of the Marine Controls division of CAE (TSX: CAE, NYSE: CGT) on February 3, 2005. The remaining portion will be acquired following receipt of required approvals.
The new company will be headquartered in Canada under the name L-3 Communications MAPPS Inc. (Marine Automation and Power Plant Simulation), and will report to Steve Kantor, corporate vice president and president of L-3 Communications Power & Control Systems Group. The business is expected to contribute approximately $90 million to L-3's sales in 2005 and be accretive to L-3's earnings.
The acquired business also has operations in the United States (L-3 Communications - Marine Systems Division), the United Kingdom, Norway, Italy, India and Malaysia and is a leading global supplier of integrated marine control systems and products for warships, submarines and high-end ocean-going commercial vessels worldwide. The business has been a pioneer in the integration of military shipboard control systems and its systems are installed on approximately 140 ships for 18 navies around the world. Its systems are also installed in over 450 commercial vessels, including the new Queen Mary 2 luxury liner. In addition, the company has established itself as a leader in power plant simulators for the energy sector, with over 50 utilities worldwide benefiting from this technology.
"The company is well positioned for new platforms and life-cycle upgrades worldwide, and is very synergistic with L-3 Communications' businesses. This acquisition, when coupled with the capabilities of the Power & Control Systems Group, allows L-3 to provide our customers total Power Systems Solutions," said Steve Kantor. "Other businesses included in the group are Power Paragon, Inc., Henschel Inc., Westwood Corporation, SPD Electrical Systems, Inc. and PacOrd Inc."
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.L3T.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "will," "could" and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
- Sean Bradley
Sales & Operations Services
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