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 September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Woman Medevaced from Cruise Ship off SouthWest Pass

The Coast Guard medevaced a 50-year-old woman from a cruise ship 225 miles southeast of Southwest Pass, Saturday. Watchstanders at Coast Guard District 8 received a call at approximately 9 a.

Demands for Icebreaker Tours Spiral

Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours.

New Chair for Townsville Port

The Palaszczuk Government has appointed one of Queensland’s most respected businesswomen, Renita Garard as the new Chair of the Port of Townsville. In a statement released earlier today,

Maritime Security

USCG Urge Caution Ahead of Hurricane Joaquin

The Coast Guard urges the public Thursday to use extreme caution and to prepare for the onset of heavy weather, extreme sea conditions, storm surge and high

Thyssen Taps Anil Group for Sub Bid

Diversified German conglomerate ThyssenKrupp AG has initiated talks to partner Anil Ambani-led ADAG in building up to 12 submarines in a contract expected to be worth Rs50,000 crore ($7.

Islamic State Militants Attack Forces Guarding Libya Oil Port - official

Islamic State militants attacked forces guarding one of Libya's main oil ports on Thursday with a gun assault and an attempted car bomb in an escalation of their campaign in the North African state,

Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
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: 0.1963 sec (5 req/sec)