“Driven by a focus on the customer, quality, service and safety, this new partnership of world-class training devices and training delivery places L-3 Link UK and L-3 CTC in the unique position to provide customers with totally scalable training solutions whatever their requirements”.
L-3 CTC is a high-quality, global airline pilot training and crew resourcing specialist that offers customized and innovative solutions to major airlines and retail customers globally. This acquisition expands L-3’s Commercial Aviation Training business, which also includes L-3 Link UK, a provider of world-class flight training simulation devices, aftermarket solutions and training, to encompass a growing portfolio of airline and third-party training company customers.
“This acquisition is a very good fit with our strategy of expanding our international and commercial presence by focusing on higher-margin businesses with number one or two positions in the markets we serve,” said Michael T. Strianese (photo), L-3’s Chairman, President and Chief Executive Officer.
L-3 CTC and L-3 Link UK will retain their individual brands. L-3 CTC will be integrated into the Precision Engagement & Training sector, which is part of L-3’s Electronic Systems segment.
L-3 Communications also announced the completion of the previously announced sale of its Marine Systems International (MSI) business to Wärtsilä Corporation for €295 million, after the assumption by Wärtsilä of approximately €60 million of MSI employee pension-related liabilities and customary adjustments for closing date working capital.
Based on the terms of the sale and the previously disclosed forward contract to sell €285 million at a U.S. dollar exchange rate of approximately $1.08, proceeds from the MSI divestiture total approximately $318 million, before selling and other transaction expenses.
Headquartered in New York City, L-3 employs approximately 45,000 people worldwide and is a prime contractor in aerospace systems and national security solutions.
L-3 is also a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. The company reported 2014 sales of $12.1 billion.
