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Michael Strianese: L-3 Wraps Up Marine Systems Business Sale

Michael Strianese
Michael Strianese

Wartsila Corp. has completed its acquisition of L-3 Communications‘ (NYSE: LLL) Marine Systems International business for approximately $324 million.

Michael Strianese, L-3 chairman, president and CEO, said Friday the company aims to reshape its portfolio and focus on core business areas.

“We continue to evaluate additional portfolio-shaping opportunities that strengthen our ability to deliver innovative solutions in our core markets, increase the company’s operating margin and enhance our future growth profile, ” Strianese added.

Wartsila has assumed $66 million in MSI employee pension liabilities as part of the agreement.

The sale brought in about $318 million for L-3, based on a $357 million forward contract that was disclosed in December.

L-3 reported $12.1 billion in sales during its 2014 fiscal year.

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