L-3 Communications (NYSE: LLL) has agreed to sell its Marine Systems International business to Wartsila Corp. for $357 millionÂ inÂ a move that L-3 CEO Michael StrianeseÂ says is part of theÂ companyâsÂ plan to reshape its portfolio.
The companies expect to complete the transaction in the second quarter of 2015 and Wartsila will assumeÂ $75 million inÂ pension-related liabilities as part of the deal, L-3 said Thursday.
Strianese said L-3 aims to “open up new opportunities…Â to further enhance our operations and focus on delivering innovative solutions in our core markets.â
Hamburg, Germany-based Marine Systems International business builds electrical systems and integrated navigation, automation, communications and propulsion systems forÂ commercial ship industry clients.
L-3 expects MSI toÂ generate nearly $501 million in sales and an operating margin of approximately 6.5 percent for calendar year.