Author: Jane Edwards|| Date Published: July 5, 2018
New York-based investment firm American Industrial Partners has closed its purchase of Vertex Aerospace businesses from L3 Technologies (NYSE: LLL) for approximately $540 million in cash.
The transaction initially announced in May is subject to customary adjustments and covers the acquisition of L3’s TCS and Crestview Aerospace business units that operate under the technology contractor’s aerospace systems segment, L3 said Tuesday.
Christopher Kubasik, L3 chairman, president and CEO and a 2017 Wash100 recipient, said the company aims to align its portfolio with clients’ priorities and plans to use the proceeds from the sale to invest in businesses that support its growth efforts.
Vertex Aerospace is an aviation logistics support, maintenance, repair and overhaul and supply chain management services provider.
TCS delivers logistics and engineering services and Crestview offers rotary aircraft component assembly and fabrication support services.
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