L-3 Communications Completes the Acquisition of TRL Electronics; A UK Leader in Secure Radio and Satellite Communications for Defense and Homeland Security Applications
NEW YORK--July 18, 2006--L-3 Communications (NYSE: LLL) announced today that it has completed the acquisition of TRL Electronics plc (TRL) (LSE: TRL.L) for a total cash consideration of GBP 95.9 million (approximately US $176.2 million).
L-3 UK has submitted a request to AIM (the Alternative Investment Market of the London Stock Exchange) for the cancellation of the admission to AIM and the trading of TRL shares. It is anticipated that cancellation of admission to, and trading of TRL shares, on AIM is likely to become effective on or about July 28, 2006.
"We are thrilled with the completion of the TRL Electronics acquisition," said Michael T. Strianese, interim chief executive officer and chief financial officer of L-3 Communications. "This company has a number of technologies which are complementary to our capabilities, particularly in the Electronic Counter Measures (ECM) and cryptographic areas."
TRL, which reported sales of GBP 14.0 million (approximately US $26.3 million) for the six months ended September 30, 2005, is expected to be slightly accretive to L-3's earnings.
TRL offers some of the most advanced radio and satellite communications systems available, providing governments and defense organizations around the world with the tools to trace, locate, monitor and defend transmissions, as well as to communicate securely.
TRL is an expert in ECM to protect against subversive threats. It has a unique and valuable development capability, with key recent ECM developments focused on responsive radio jammers and denial-of-service devices. The company also is a provider of military-off-the-shelf (MOTS) ECM and Electronic Warfare Support Measures (ESM) products and significant research and development (R&D) for the UK Ministry of Defence (MOD).
One key business, TRL's Electronic Security division, is a specialist in the protection of sensitive electronic data during transmission and storage using cryptographic techniques, and it is a provider of the highest military grade ATM and IP network cryptography.
Headquartered in New York City, L-3 Communications is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services. The company is a leading merchant supplier of a broad array of high technology products, including guidance and navigation, sensors, scanners, fuzes, data links, propulsion systems, simulators, avionics, electro optics, satellite communications, electrical power equipment, encryption, signal intelligence, antennas and microwave components. L-3 also supports a variety of Homeland Security initiatives with products and services. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies and aerospace prime contractors.
To learn more about L-3 Communications, please visit the company's web site at www.L-3Com.com.
Cynthia Swain, 212-697-1111
Investors: Eric Boyriven, Alexandra Tramont
Media: Evan Goetz, Abby Aylman Cohen