L3 Acquires Doss Aviation, Inc.

Date : 09/14/2017 @ 1:24PM
Source : Business Wire
Stock : L3 Technologies, Inc. (LLL)
Quote : 175.25  0.0 (0.00%) @ 1:57PM

L3 Acquires Doss Aviation, Inc.

L3 Technologies, Inc. (NYSE:LLL)
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– Acquisition Delivers New Military Pilot Ab Initio Training Market Presence –

L3 Technologies (NYSE:LLL) announced today that it has acquired Doss Aviation, Inc. The acquisition was completed on September 12, 2017, and the terms were not disclosed. Doss Aviation is projected to generate approximately $50 million in annual sales for the calendar year ending December 31, 2017 and to be accretive to L3’s earnings. The business will be renamed L3 Doss and will be integrated into L3’s Electronic Systems business segment.

Based in Colorado Springs, Colorado, Doss Aviation is the sole provider of initial flight training for U.S. Air Force pilots and was recently authorized to train international military pilots. Doss owns and operates a full-service, turnkey training facility in Pueblo, Colorado, where it offers curriculum coursework and flight training for both fixed-wing and unmanned aircraft pilots and weapons officers. Doss also provides instructor pilots for rotary-wing aircraft for the U.S. Army, as well as global airfield service support activities at U.S. government bases, including aircraft and bulk refueling services and aircraft component repair and modification.

“Doss Aviation is a strategic addition to the L3 training portfolio as the sole provider of U.S. Air Force Initial Flight Training (IFT),” said Todd W. Gautier, L3’s Senior Vice President and President of its Electronic Systems business segment. “As the demand for outsourced flight training and services increases, Doss uniquely expands our military instruction footprint, positioning L3 for growth across both military and commercial training.”

“The strength of Doss Aviation’s military training, combined with our existing training solutions, increases our position to support our customers’ growing demand for trained international military and commercial pilots,” said Christopher E. Kubasik, L3’s President and Chief Operating Officer. “This addition to our portfolio accelerates a strategic focus area and provides the opportunity for further innovation in the marketplace.”

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 statements.

L3Corporate Communications212-697-1111

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