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Wartsila to Buy L-3’s Marine Systems Int’l Business for $357M; MIchael Strianese Comments


Michael Strianese
Michael Strianese

L-3 Communications (NYSE: LLL) has agreed to sell its Marine Systems International business to Wartsila Corp. for $357 million in a move that L-3 CEO Michael Strianese says is part of the company’s plan to reshape its portfolio.

The companies expect to complete the transaction in the second quarter of 2015 and Wartsila will assume $75 million in pension-related liabilities as part of the deal, L-3 said Thursday.

Strianese said L-3 aims to “open up new opportunities… to further enhance our operations and focus on delivering innovative solutions in our core markets.”

Hamburg, Germany-based Marine Systems International business builds electrical systems and integrated navigation, automation, communications and propulsion systems for commercial ship industry clients.

L-3 expects MSI to generate nearly $501 million in sales and an operating margin of approximately 6.5 percent for calendar year.

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