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Press Release Source: L-3 Communications L-3 Communications Acquires Klein Associates, Inc. Thursday October 2, 1:13 pm ET NEW YORK--(BUSINESS WIRE)--Oct. 2, 2003--L-3 Communications (NYSE: LLL - News) announced today it has acquired Klein Associates, Inc., a business unit of OYO Corporation of Japan, for $30 million in cash. Klein Associates is expected to be slightly accretive to L-3 Communications results. Headquartered in Salem, New Hampshire, Klein Associates is a pioneer in the development of side-scan sonar, sub-bottom profilers and related instruments and accessories for undersea search and survey. It designs, manufactures and supports equipment that has a worldwide reputation as a standard of excellence in the industry. Klein Associates' customers include the U.S. Navy and other navies worldwide, as well as engineering survey companies, pipeline companies, oil companies, port authorities, geology survey organizations and hydrographic surveyors. Klein Associates' sonar equipment has a solid record of success, and its products and systems have been used to help locate a number of lost vessels, including the Titanic. This equipment has also been used to help locate a number of downed aircraft, including the Space Shuttle Challenger, TWA Flight 800, Swiss Air Flight 111 and several others. "Klein is a well managed company," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications, "with leadership positions in high-resolution sonar systems, marine navigation, and intrusion detection for homeland security." "Klein's sonar products are very synergistic with our Ocean Systems products," continued Mr. Lanza. "Its mine countermeasures and ship and sub service location and acquisition centers are commercially based products significantly capable for homeland security and numerous navy applications. As the Navy increasingly relies on COTS technology, Klein is well positioned to be a major player in this market." "Klein is also an early entry into the harbor security market," added Mr. Lanza. "Its HarborGuard Command and Control product for maritime and harbor protection is currently being used by the U.S. Navy. Klein adds a complimentary key capability to our existing port security solutions, which include surveillance and command and control products, intrusion detection and Automatic Identification Systems." Klein Associates also serves as the exclusive dealer for Raytheon Marine's commercial sonar and navigation products in the U.S. Klein Associates was represented in this transaction by Innovation Advisors, a technology-focused investment bank with offices in Boston, New York and Chicago. Headquartered in New York City, L-3 Communications is a leading merchant supplier of Intelligence, Surveillance and Reconnaissance (ISR) systems and products, secure communications systems and products, avionics and ocean products, training devices and services, microwave components and telemetry, instrumentation, space and navigation products. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies, aerospace prime contractors and commercial telecommunications and wireless customers. To learn more about L-3 Communications, please visit the company's web site at www.L-3Com.com. SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-Looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements. -------------------------------------------------------------------------------- Contact: OR Financial Dynamics OR Media: |
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