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[infowar.de] L-3 Communications kauft Aircraft Integration Systems von Raytheon
Kostenpunkt: 1,13 Mrd. Dollar.
A.I.S. (http://www.raytheon.com/ais/ais.htm) ist ein großer Lieferant
von Überwachungs- und Aufklärungsausrüstung der US-Regierung.
L-3 (http://www.l-3com.com) wurde 1997 aus zehn Tochterfirmen von
Lockheed Martin gebildet und hat bereits 2000 die Firma Link Simulation
and Training, (Flugsimulatoren) für $160 Mio. von Raytheon gekauft und
wieder profitabel gemacht. Bekannt ist L-3 vor allem als Lieferant für
sichere Kommunikationssysteme für das US-Militär.
New York Times
January 14, 2002
Deal Likely For Raytheon Unit
By Andrew Ross Sorkin
L-3 Communications plans to announce today that it has agreed to acquire
a military equipment subsidiary of Raytheon (news/quote) for $1.13
billion in cash, beating out bigger rivals like Northrop Grumman and
British Aerospace for control of one of the nation's largest suppliers
of surveillance and reconnaissance equipment to the United States
The deal would be L-3's largest acquisition since the company was formed
in 1997 by cobbling together 10 languishing units of Lockheed Martin.
The transaction gives L- 3 a more unified set of military products, from
devices that can track aircraft and ground troops to communication
systems that can securely transmit data wirelessly back to base
For Raytheon, the sale of the business, Aircraft Integration Systems,
which it put up for auction more than three months ago, will help it pay
off a rising debt load. The sale is the second big deal between L-3 and
Raytheon. In 2000, L-3 bought Link Simulation and Training, an
unprofitable flight-simulation business for $160 million that L- 3
recently turned profitable.
Aircraft Integration Systems' technology has been used extensively by
the United States in the war in Afghanistan. The unit, which is often
referred to by it initials, A.I.S., makes systems that provide personnel
on the ground and in the air with a real- time, three-dimensional view
of the area in which they are fighting. A.I.S. also makes technology to
collect, decode and analyze electronic signals.
"A.I.S. is a national defense asset that for decades has had a special
relationship with the U.S. intelligence community," said Frank C. Lanza,
chairman and founder of L-3 Communications. "A.I.S. has outfitted over
15,000 aircraft of more than 125 types."
"So as the nation's military forces continue to pursue our enemies," he
added, and as the Defense Department upgrades its systems, "A.I.S.'s
capabilities in multi-intelligence and multiplatform operations are even
A.I.S. has contracts for about $800 million of work from the Defense
Department and allies. It has operations in Greenville and Waco, Tex.;
Lexington, Ky.; and Avalon, Australia. L-3 expects the deal to raise
L-3's 2002 diluted earnings a share by 20 cents. The acquisition will be
financed using cash on hand and short- term loans. L-3 then expects to
sell about $1 billion of debt and equity securities during the first
half of the year to help pay off those loans.
Mr. Lanza hopes that the company will be able to bundle many of A.I.S.'s
products as well as integrate many of the technologies with existing L-3
products, including communications links, signal processing, antennas,
data recorders, displays, and traffic control and collision avoidance
systems," he said.
Raytheon, which is based in Lexington, Mass., did not return calls for
L-3, which is based in New York, is being advised on the acquisition by
Lehman Brothers (news/quote).
For Mr. Lanza, who is 70 and has worked in the military industry for 40
years, the acquisition of A.I.S. is one of more than 20 deals Mr. Lanza
has made since he was a co-founder of L-3. His acquisition binge has
raised the company's earnings from $12 million in 1997 to $115 million
L-3 has succeeded by creating military communication devices like global
positioning system receivers and encrypted data transmission devices for
surveillance. L-3 also has a slice of the civilian market including
making bomb-scanning systems, a part of the business L-3 hopes to expand
as the government strives to tighten airport security.
The deal needs to be approved by regulators and the Defense Department.
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