L-3 Communications (NYSE:LLL) announced today that its Combat Propulsion Systems (L-3 CPS) division was awarded a $20 million contract by the U.S. Army to design and develop a next-generation transmission system for ground combat vehicles.
The Gemini Transmission program will modernize and sustain existing and future fleets of the Army’s ground combat vehicles. L-3’s new transmission technology will be used as a drop-in replacement for existing transmission systems, enhancing the Army’s ability to achieve power, mobility and life-cycle support requirements for its Armored Brigade Combat Team.
“Winning the Gemini Transmission design and development program reflects our customer’s continued confidence in L-3 to advance transmission technology and effectively transition new designs to production, which would ultimately deliver improved performance, reliability and life-cycle costs to our customer,” said Steve Kantor, president of L-3’s Electronic Systems Group. “By leveraging our expertise in transmission design and production and through strategic partnerships, L-3 CPS is now under contract with the customer to mature all four of the next-generation transmissions for the Armored Brigade Combat Team’s family of heavy vehicles, including the HMPT 800 series of transmissions.”
Work will take place at L-3’s Muskegon, Mich. facility, as well as at partner locations, and is expected to continue through 2017.L-3 Combat Propulsion Systems (L-3 CPS) is located in Muskegon, Mich., and is part of the Space and Propulsion Systems Sector, which operates under the Electronic Systems Group. L-3 CPS provides engineering design, engineering support and production for combat engines and transmissions, as well as life-cycle product support for domestic and international customers. To learn more about L-3 CPS, please visit the company’s website at www.L-3com.com/cps. Headquartered in New York City, L-3 employs approximately 51,000 people worldwide and is a prime contractor in C 3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems, platform and logistics solutions, and national security solutions. L-3 is also a leading provider of a broad range of electronic systems used on military and commercial platforms. The company reported 2012 sales of $13.1 billion. To learn more about L-3, please visit the company’s website at www.L-3com.com. L-3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L-3 is routinely posted on the company’s website and is readily accessible. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995Except 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV