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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Louis Dreyfus, Amaggi Hire HSBC to Sell Terminal Stake

Agricultural commodity traders Louis Dreyfus Co B.V. and Amaggi Group have hired HSBC Holdings Plc to sell part or the entire 25 percent stake they hold in a terminal at the Brazilian port of Itaqui,

Shell Presents Crewmember Safety Awards

Shell Shipping and Maritime, Americas recently held its third annual Goal Zero Hero Awards dinner in Houston, recognizing the crewmembers of 21 contracted/chartered vessels,

Bollinger Wins Contract for Phase II FRC Builds

Louisiana shipbuilder Bollinger Shipyards announced it has secured a contract to build Phase II of the Sentinel Class Fast Response Cutters (FRC) for the United States Coast Guard (USCG).

Maritime Security

SharpEye Radar Installed and Commissioned on SAS Drakensberg

Kelvin Hughes, a company in the design and supply of navigation and security surveillance systems, has announced the installation and commissioning of a SharpEye

Bollinger Wins Contract for Phase II FRC Builds

Louisiana shipbuilder Bollinger Shipyards announced it has secured a contract to build Phase II of the Sentinel Class Fast Response Cutters (FRC) for the United States Coast Guard (USCG).

Arabian Shipping at Risk of Al Qaeda Attack

Al Qaeda's Yemen branch remains a powerful force and poses a growing risk to merchant ships in vital waterways nearby despite efforts by Yemeni government forces

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0930 sec (11 req/sec)