L3 Acquires OceanServer Technology
April 04 2017 - 3:45PM
Business Wire
Enhances Growth Opportunities With Expansion
Into Unmanned Undersea Vehicle Market
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.
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The L3 OceanSever-designed Iver is the
first commercially developed low-cost Autonomous Underwater Vehicle
(AUV). Iver is ideal for coastal applications such as sensor
development, general survey work, subsurface security, research and
environmental monitoring. The AUV is single man-portable and
features simple point-and-click mission planning. (Photo: Business
Wire)
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.
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