Author: Jane Edwards|| Date Published: January 6, 2017
L3 Technologies (NYSE: LLL), then L-3 Communications, has wrapped up its purchase of Implant Sciences™ explosive trace detection business for $117.5 million cash through an asset purchase agreement.
Michael Strianese, chairman and CEO of L3, said in a statement released Thursday the acquisition will help expand L3™s presence in national security and global aviation security markets.
The transaction will also complement L3™s checkpoint management platforms and security software through its acquisition of U.K.-based aviation security technology manufacturer MacDonald Humfrey Automation, Strianese added.
L3 purchased MacDonald Humfrey in a deal worth up to $315.5 million in November a month after it agreed to buy Implant Sciences™ ETD business in a bankruptcy auction process that was approved by the U.S. Bankruptcy Court in December.
L3 will assume specified liabilities of Implant Sciences and incorporate the latter™s ETD business with its security and detection systems division under L-3™s electronic systems business segment.
Tom Ripp, president of L3 Security & Detection Systems division, said he expects Implant Sciences™ trace detection tools to help address the gap in L3™s sensor portfolio.
New York City-based defense contractor L3 has approximately 38, 000 employees worldwide and posted $10.5 billion in 2015 sales.
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L3 Technologies (NYSE: LLL), then L-3 Communications, has wrapped up its purchase of Implant Sciences™ explosive trace detection business for $117.5 million cash through an asset purchase agreement.
