L3 Announces Business Segment Realignment
August 02 2018 - 8:30AM
Business Wire
- Aerospace Systems and Sensor Systems
Combine to Form ISR Systems Segment
- Mark R. Von Schwarz to Retire
L3 Technologies (NYSE:LLL) announced today that the company is
realigning its business segments to maximize growth and improve its
integration and collaboration across the enterprise.
Effective immediately, Aerospace Systems will combine with
Sensor Systems to form the new Intelligence, Surveillance &
Reconnaissance (ISR) Systems segment, which will heighten L3’s
focus on developing and delivering best-in-class global ISR and
signals intelligence (SIGINT) solutions. The segment will be led by
Jeffrey A. Miller, corporate Senior Vice President and President of
Sensor Systems, and have combined estimated 2018 sales of $4.7
billion. Mark R. Von Schwarz, President of Aerospace Systems, will
retire from the company after the transition is complete. L3’s
Electronic Systems and Communication Systems segments remain
unchanged.
“We are rapidly transforming L3 for integration and growth by
strengthening our technological alignments, which enables us to
more effectively build upon our competitive advantages,” said
Christopher E. Kubasik, Chairman, Chief Executive Officer and
President. “The increased scale of our new ISR Systems segment
highlights our attractive position as a Global ISR prime contractor
and accelerates our ability to address our customers’ increasingly
complex needs.”
Mr. Kubasik continued, “This business realignment action
supports our objective to improve operating margin to 12% for
2019.” The company reaffirms its consolidated 2018 financial
guidance provided on July 26, 2018. Commencing in the third quarter
of 2018, L3 will report its results under the realigned business
segments.
L3 Technologies is an agile innovator and leading provider of
global ISR, communications and electronic systems for military,
homeland security and commercial aviation customers. With
headquarters in New York City and approximately 31,000 employees
worldwide, L3 develops advanced defense technologies and commercial
solutions in pilot training, aviation security, night vision and
EO/IR, weapons, maritime systems and space. The company reported
2017 sales of $9.6 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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