L-3 to acquire Insight Technology
New York, NY -- L-3 Communications plans to acquire Insight Technology Incorporated (Londonderry, NH) ...
New York, NY -- L-3 Communications plans to acquire Insight Technology Incorporated (Londonderry, NH) according to a release issued Feb 19. Insight designs and makes night-vision and electro-optical systems for the U.S. military and federal law-enforcement agencies, as well as tactical illuminators (weapon-mounted, for example) for use by police and the general public. The company employs about 1,100 people. The acquisition will be funded with cash on hand, and the price was not disclosed.
L-3 Communications is based in New York and is a prime contractor in aircraft modernization and maintenance as well as "C(3)ISR" (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems and government services. The company reported 2009 sales of $15.6 billion.
"By combining Insight's outstanding people and innovative products with our existing portfolio, we add important new capabilities to L-3," said Michael T. Strianese, chairman, president and chief executive officer. "Insight's entrepreneurial culture and dedication to customer needs make this a natural fit and is a great example of L-3 successfully executing its acquisition strategy."
Pending the successful completion of this transaction, Ken Solinsky, Insight's founder and president, will become president of L-3's newly created Warrior Systems Sector. Mr. Solinsky will report to James W. Dunn, senior vice president and president of L-3's Sensors and Simulation Group. The Warrior Systems Sector will include Insight and L-3's existing electro-optical/infrared (EO/IR) businesses currently addressing the warrior systems market and will be reported in L-3's Electronic Systems segment.
"Insight expands and broadens L-3's warrior systems capabilities, a key strategic growth area for L-3," added Mr. Dunn. "Leveraging Insight's industry leading products, engineering skills and manufacturing agility, we can deliver higher performing systems, with faster speed and greater value, to our customers."
Mr. Solinsky concluded, "Insight and select L-3 businesses have been working together for nearly 20 years. We know each other well and have the utmost respect for each other's capabilities. This combination enables us to build on these relationships. By combining advanced components, technologies and system capabilities, L-3's Warrior Systems Sector will be able to provide advanced night vision and electro-optical systems to our nation's warfighters and homeland defenders in a highly effective manner. These dedicated individuals deserve the best equipment, delivered on time, with high quality and reasonable prices. I am pleased and honored to have been chosen to lead the Warrior Systems Sector and pledge to do my best in support of our warfighters."
The acquisition is anticipated to be completed in the second quarter of 2010, subject to customary closing conditions and regulatory approvals
For more information visit www.L-3com.com.