Enhances Growth Opportunities With Expansion Into Unmanned Undersea Vehicle Market
NEW YORK--(BUSINESS WIRE)--L3 Technologies (NYSE:LLL) announced today that it has acquired OceanServer Technology, Inc. ("OceanServer Technology"). The acquisition was completed on March 17, 2017, and the terms were not disclosed. The business was renamed L3 OceanServer and will be integrated into the company's Sensor Systems segment.
"As a leading innovator and developer of UUVs, OceanServer Technology provides L3 with a new growth platform that is aligned with the U.S. Navy's priorities."
Based in Fall River, Massachusetts, OceanServer Technology develops and manufactures autonomous, lightweight Unmanned Undersea Vehicles (UUVs). Since its inception in 2003, OceanServer Technology has established itself within a growing specialized market, providing highly capable UUVs to a wide array of military, commercial and international customers. The company's products complement L3's existing portfolio of sensor and communication offerings as well as its ISR, anti-submarine warfare and mine countermeasures capabilities.
"OceanServer Technology positions L3 to support the U.S. Navy's vision for the tactical employment of UUVs. This acquisition also enhances our technological capabilities and strengthens our position in growth areas where we see compelling opportunity," said Michael T. Strianese, L3's Chairman and Chief Executive Officer. "As a leading innovator and developer of UUVs, OceanServer Technology provides L3 with a new growth platform that is aligned with the U.S. Navy's priorities."
Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of $10.5 billion.
To learn more about L3, please visit the company's website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company's website and is readily accessible.