L-3 Communications (NYSE:LLL) announced effective today, that it has acquired Mustang Technology Group, L.P. The business, now named L-3 Mustang Technology, develops and manufactures radar-based sensors and systems used in precision-guided weapons, electronic warfare, unmanned systems and other military applications. Headquartered in Plano, Texas, L-3 Mustang employs approximately 115 people and its products are used by the U.S. military, government agencies and prime contractors. The business is expected to generate $36 million in sales for the year ending December 31, 2013.
“Mustang adds key capabilities, technical synergies, proprietary technologies and new customers to L-3’s existing Precision Engagement business in our Electronic Systems segment,” said Michael T. Strianese, L-3’s chairman, president and chief executive officer. “This is a terrific acquisition, which expands L-3’s DoD and classified business base, and we look forward to integrating Mustang’s technologies into L-3’s existing proprietary fuzing and ordnance and unmanned systems products. The results for L-3 customers will be market-disrupting products and product enhancements, which will improve mission effectiveness of guided munitions, as well as a new portfolio of solutions.”
Founded in 1999, L-3 Mustang Technology offers a diverse and proven technology collection of software-defined radar and RF (radio frequency) sensors and systems, with proprietary capabilities in radar-based seeker, proximity fuze, hostile fire indicating and ISR (intelligence, surveillance and reconnaissance) sensor applications. The company’s products are on the leading edge of the current and next generation of U.S. weapon systems requirements.
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.
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