LOS ANGELES, March 12 - Northrop Grumman Corporation (NYSE:NOC) has signed a definitive agreement to sell its Electro-Optical Systems business for $175 million in cash to L-3 Communications (NYSE:LLL). Completion of the transaction, subject to customary conditions including Hart-Scott-Rodino approval, is expected in the second quarter of 2008. Electro-Optical Systems, a part of the company's Electronic Systems sector, produces night vision and applied optics products and had sales of approximately $190 million in 2007. Headquartered in Garland, Texas, Electro-Optical Systems has approximately 1,000 employees.
Northrop Grumman Corporation is a $32 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
Source: Northrop Grumman Corporation
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