L3 (NYSE: $LLL) Acquires Open Water Power, Inc.; Acquisition Enhances Company's Growing Portfolio of Innovative Undersea Capabilities
NEW YORK - May 22, 2017 (Investorideas.com Newswire) L3 Technologies (NYSE:LLL) announced today that it has acquired Open Water Power, Inc. ("Open Water Power"). The acquisition was completed on May 19, 2017, and the terms were not disclosed. The business will be renamed L3 Open Water Power and will be integrated into L3's Sensor Systems business segment.
Based in Somerville, Massachusetts, Open Water Power is developing safe and high-energy-density undersea power generation technologies for use by Unmanned Undersea Vehicles (UUVs) and other maritime platforms. Its breakthrough technology enables safe power generation solutions for UUVs and results in significant safety and endurance improvements over current technologies. Additionally, the company's capabilities complement and are applicable to L3's existing portfolio of maritime platform, sensor and payload offerings.
"The acquisition of Open Water Power aligns with L3's disciplined growth strategy by adding an important new technology to our portfolio in the growing UUV market," said Michael T. Strianese, L3's Chairman and Chief Executive Officer. "When combined with our recent acquisition of L3 OceanServer, Open Water Power's innovative power system capability will enable us to meet the increasing demand for smaller, more cost-efficient UUVs with the ability to conduct longer missions at greater depths. Given the U.S. Navy's focus on UUV technology, we believe we are well-positioned in this high-priority, high-potential growth area. We continue to look for strategic additions that enhance the solutions we offer to our customers and will drive future growth for L3."
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 1995 Except 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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