L3 Completes Acquisition of Implant Sciences
January 05 2017 - 4:30PM
Business Wire
L3 Technologies (NYSE:LLL) announced today that it has completed
its acquisition of the explosives trace detection (ETD) business of
Implant Sciences Corporation (Implant), and it was funded with cash
on hand. As previously announced, L3 entered into an asset purchase
agreement (APA) to acquire certain assets of Implant for $117.5
million in cash, plus the assumption of specified liabilities.
Implant had previously entered into Chapter 11 bankruptcy
protection and received U.S. Bankruptcy Court approval to
consummate the APA in December 2016. L3 will integrate this
business into its Security & Detection Systems division within
the Electronic Systems business segment.
Implant’s ETD products have received approvals and
certifications from several international regulatory agencies,
including the TSA in the U.S., ECAC in Europe and the Ministry of
Public Safety in China. In September 2016, the TSA placed a
delivery order for 1,353 of Implant’s QS-B220 systems and related
supplies.
“We are pleased to complete the acquisition of this business,
which bolsters L3’s leadership in efficient, scalable security
solutions and greatly enhances our capabilities in the global
aviation security and national security markets,” said Michael T.
Strianese, L3’s Chairman and Chief Executive Officer. “Adding
Implant’s ETD business complements our market-leading checkpoint
management systems and security efficiency software through our
recent acquisition of MacDonald Humfrey. Together, these businesses
provide L3 with a full suite of solutions and position us to
capitalize on the significant opportunities in the growing security
and detection market.”
“Over the past year, we have focused on developing total
aviation checkpoint solutions built around our innovative
ClearScan™ carry-on baggage screening system and our ProVision®
personnel screener, and we introduced a number of new integrated
systems to increase the efficiency of the security screening
process. The Implant Sciences team developed state-of-the-art trace
detection technologies that are market-ready and fill a critical
gap in our sensor portfolio,” added Tom Ripp, President of L3
Security & Detection Systems. “The Implant Sciences management
team brings both strong domain expertise coupled with deep
technical capabilities focused on innovative trace solutions, and
we look forward to the team’s contribution to achieving our
strategic growth initiatives.”
Based in Wilmington, Massachusetts, Implant filed for bankruptcy
protection pursuant to Chapter 11 of the U.S. Bankruptcy Code on
October 10, 2016, with the intent to sell its assets pursuant to
court-approved bidding procedures. L3 was the successful bidder
under these procedures and received approval from the U.S.
Bankruptcy Court to proceed with the transaction.
Headquartered in New York City, L3 Technologies employs
approximately 38,000 people worldwide and is a leading provider of
a broad range of communication and electronic systems and products
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 2015
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.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except for historical information contained
herein, the matters set forth in this news release are
forward-looking statements. Statements that are predictive in
nature, that depend upon or refer to events or conditions or that
include words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “estimates,” “will,” “could” and similar expressions
are forward-looking statements. The forward-looking statements set
forth above involve a number of risks and uncertainties that could
cause actual results to differ materially from any such statement,
including the risks and uncertainties discussed in the Company’s
Safe Harbor Compliance Statement for Forward-Looking Statements
included in the Company’s recent filings, including Forms 10-K and
10-Q, with the Securities and Exchange Commission. The
forward-looking statements speak only as of the date made, and the
Company undertakes no obligation to update these forward-looking
statements.
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