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L-3 Communications Acquires IPITEK for $27.5 Million
December 22, 2003
By OpticallyNetworked Staff
L-3 Communications announced today that it has acquired for $27.5 million in cash the assets of IPITEK, the defense and aerospace division of IPICOM Inc. The company reports that its expects the acquisition to be "slightly accretive to L-3 Communications' earnings for 2004."
Carlsbad, Calif.-based IPITEK manufactures
broadband communications products, fiber-optic
systems and advanced sensor components, including transmitters,
optical data links, receivers, amplifiers and uncompressed digital
systems.
IPITEK develops and manufactures systems and supporting component
technologies for a variety of classified and unclassified customers,
including every branch of the U.S. military, certain U.S. government
agencies, and all the major prime contractors to the Department of
Defense (DoD), according to L-3 Communications.
"The acquisition adds important optical
networking technology to our existing and growing Intelligence
Surveillance and Reconnaissance (ISR) and secure communications
businesses," said Frank C. Lanza, chairman and chief executive officer
of L-3 Communications, in a statement.
Lanza added that he expects there to be a large replacement market for
optical data links in military aircraft as well as
opportunities for applications in commercial markets, including
temperature, chemical, biological and structural sensors.
New York-based L-3 Communications' customers include the
Department of Defense, Department of Homeland Security, selected U.S.
Government intelligence agencies and aerospace prime contractors.
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