L3 Technologies, Inc. (NYSE:LLL)
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1 Year : From Apr 2017 to Apr 2018
– Major Program Milestone Achieved –
L3 Technologies (NYSE:LLL) announced today that it has successfully
delivered the third and final RC-135V/W Rivet Joint (RJ) signals
intelligence aircraft to Britain’s Royal Air Force (RAF), a milestone
marking the completion of the historic U.S. Air Force (USAF) and U.K.
Ministry of Defence (MOD) Airseeker program.
The three U.K. RJ aircraft form the backbone of the U.K.’s Airseeker
capability, providing new and collaborative intelligence, surveillance
and reconnaissance (ISR) resources in support of global security
missions. Upon touchdown at Royal Air Force Waddington, Lincolnshire,
U.K., the aircraft was formally transferred to the RAF, completing the
hardware deliveries under the Foreign Military Sales contract valued at
approximately $1 billion.
Taken together, the U.K. RJ and USAF RJ aircraft form a combined fleet
of 20 aircraft, and L3 will perform future baseline upgrades and
periodic depot maintenance on the fleet. L3 has also delivered a station
to support ground operations and training systems to train both
operators and maintainers.
“This groundbreaking agreement gives the U.K. access to future
innovative technology and presents a very high level of interoperability
with major coalition partners,” said Christopher E. Kubasik, L3’s
President and Chief Operating Officer. “This partnership has provided
our U.K. allies with an intelligence-gathering platform that supports
near-real-time on-scene collection, analysis and dissemination
“Analysts have hailed this U.K./U.S. program as the highest level of
intelligence cooperation between the two countries since World War II,”
said Mark Von Schwarz, L3’s Senior Vice President and President of its
Aerospace Systems business segment. “The U.S. and the U.K. will be
closely involved in future maturation of the Rivet Joint weapon system
for at least the next 25 years.”
Under the agreement, the U.K. purchased three Rivet Joint aircraft for
conversion by L3 from KC-135R tankers to the RC-135W configuration. The
first two aircraft were delivered in 2013 and 2015, respectively, and
upon gaining their airworthiness releases.
“The cooperation between L3, the USAF and the U.K. MOD throughout the
Airseeker program has been the key to delivering aircraft early and
fielding the capability ahead of the original schedule,” said Bill
Chrispin, the U.K. MOD’s Airseeker Delivery Manager.
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.
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
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