L3 completes sale of Vertex Aerospace
July 12, 2018 By Helicopters Staff
L3 Technologies has completed the previously announced sale of its Vertex Aerospace businesses to the private equity firm American Industrial Partners for US$540 million in cash, subject to customary adjustments. The sale included the Crestview Aerospace and TCS business units, which were part of L3’s Aerospace Systems business segment.
Vertex Aerospace provides aviation logistics services, supply chain management, and maintenance, repair and overhaul services. Crestview Aerospace provides select rotary aircraft component fabrication and assembly, and TCS provides select engineering services and logistics support.
“The sale of Vertex is another positive step that will enable us to reshape and align our portfolio with customers’ priorities,” said Christopher Kubasik, L3’s Chairman, CEO and president. “We will use the proceeds from the sale to continue our strategy of investing in businesses that position our company for growth.”
Headquartered in New York City, L3 Technologies employs approximately 31,000 people worldwide as a provider of communication, electronic and sensor systems used on military, security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2017 sales of US$9.6 billion.
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