L-3 Communications Acquires Raytheon Commercial Infrared
NEW YORK- L-3 Communications (NYSE:LLL) announced today that it has acquired the Raytheon Commercial Infrared (RCI) business of Raytheon Company (NYSE:RTN) for approximately $42 million in cash. The acquisition is expected to add approximately $50 million to L-3's sales for 2005. The business will be renamed L-3 Communications Infrared Products (L-3 Infrared Products).
Located in Dallas, L-3 Infrared Products is a leading producer of uncooled thermal imaging products for the public safety, fire and rescue, security, transportation and industrial markets. L-3 Infrared Products has been a pioneer in developing the commercial market for thermal imaging products and is the market leader in the production of uncooled thermal infrared detectors and imaging systems. The company's customer base includes both government and industrial customers in North America as well as Europe and Asia. L-3 Infrared Products currently provides handheld, stationary and vehicle-mounted camera systems for a variety of public safety, transportation and first responder and rescue services. These systems are used for law enforcement, search and rescues, natural resource protection, continual surveillance, and infrastructure protection. Key customers include the U.S. Air Force, the Federal Bureau of Investigation, the U.S. Border Patrol and OEM's.
"This a growing business with first class technology base," said Frank C. Lanza chairman and chief executive officer of L-3 Communications. "There are many applications of lower-cost, uncooled thermal imaging technology within the military, homeland security and commercial marketplaces and we look forward to expanding L-3 Infrared Products' market penetration into these areas. The uncooled sensors are complementary to our precision IR/EO (Infrared/Electro Optic) stabilized sensors which are used on many military, U.S. Coast Guard and law enforcement platforms."
Mr. Lanza also noted that cameras, together with L-3's present uncooled product base, expand L-3's penetration of the growing Department of Defense (DoD) and Homeland Security market.
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.L-3com.com