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L-3 Communications to Acquire Boeing Electron Dynamic Devices, Inc. |
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NEW YORK, Nov. 23/Satnews Daily/ — L-3 Communications (NYSE: LLL) has agreed to acquire the Electron Dynamic Devices (EDD) business of Boeing Co. (NYSE: BA). LLL expects EDD to generate sales of approximately $90 million for the year ending December 31, 2005, and to be accretive to the company's results.
Financial terms of the transaction were not disclosed. The acquisition is expected to close in the first quarter 2005.
Headquartered in Torrance, CA, EDD is a recognized market supplier in the design, manufacture and sale of space-qualified high technology components and subsystems used in satellites. EDD designs and produces space qualified passive microwave devices, Traveling Wave Tubes (TWTs), amplifiers and electric propulsion and radio frequency (RF) products utilized in communications satellites, manned space programs and key commercial and defense systems.
The company serves the worldwide satellite and satellite equipment market, including deep-space exploration spacecraft, with a broad commercial and military customer base that includes Department of Defense (DoD) organizations, including the U.S. Army, U.S. Navy and U.S. Air Force, as well as prime contractors and OEMs.
"EDD is a well-respected technology leader and a national asset in the space, defense and classified markets," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications. Lanza said that EDD is a supplier of space-qualified TWTs and Linearized TWT Amplifiers (LTWTAs) for defense and commercial markets, is a world leader in millimeter wave helix TWTs for high data rate communication systems, and supplies an extensive selection of Passive Microwave Devices.
He added the acquisition, together with the company's microwave group, will enable L-3 to serve a much broader and growing space market.
EDD has an extensive catalog of space-qualified microwave devices and has delivered more microwave tubes and accumulated more operating hours in orbit than all of its competitors combined. The company is a key supplier for microwave tubes used in several military defense systems.
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