L-3 to Acquire Westwood Corporation

Friday, August 09, 2002
L-3 Communications announced that it has entered into a definitive agreement to acquire all outstanding shares of common stock of Westwood Corporation, a leader in shipboard power control, switchgear and power distribution systems, for $2.30 per share in cash. The total value of the transaction is approximately $22 million, plus assumed debt. The transaction is subject to customary closing conditions, including approval by Westwood's stockholders, and is expected to close by the end of this year. The acquisition is expected to be slightly accretive to L-3's earnings. With headquarters in Tulsa, Oklahoma, Westwood is the premier niche provider of shipboard power distribution, machinery and automation systems to the United States Navy, Army, Air Force and Coast Guard. Westwood provides control switchgear to the United States Navy's LPD-17 and DDG-51 vessels as well as portable power generators to the Army's Communications-Electronics Command (CECOM) organization. For its 2002 fiscal year ended March 31, 2002, Westwood reported strong operating results, with revenues growing 71 percent to $52.1 million, and EBITDA and net income of $2.7 million and $1.0 million, respectively. "This acquisition broadens L-3 Communications' capabilities and market share for future power distribution and switching, and establishes the company as the major provider of all the control switchgear to the LPD-17 class of ships," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications. "Westwood products can be found on every ship in the Navy's active surface fleet and this acquisition is very synergistic with our SPD Technologies businesses, including EDI and Henschel, in technology marketing and customers," continued Mr. Lanza. "With a highly experienced technical staff that provides innovative, COTS-based solutions to its customers, Westwood will enable L-3 to gain a stronger market position in the maritime shipboard control and switchgear market as well as enable us to expand our power product offerings to the Army and other military organizations."
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Maritime Security

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Captain of capsized S Korean Ferry Arrested

The captain of a South Korean ferry that capsized, leaving 29 people dead and 274 others missing, was arrested on Saturday, the country's Yonhap news agency said.

Homeland Security Secretary Visits Ingalls Shipbuilding

Huntington Ingalls Industries' Ingalls Shipbuilding division apprises it has hosted a visit by Secretary of Homeland Security Secretary Jeh Johnson and U.S. Rep.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1217 sec (8 req/sec)