Litton Agrees To Acquire Sperry Marine
Litton Industries Inc. has agreed to acquire Sperry Marine Inc. from an investment partnership led by J.F. Lehman & Co.
Total consideration for this transaction, which will be in the form of a stock merger, will be approximately $160 million. The transaction is subject to review by government regulatory agencies and registration of Litton common stock.
John M. Leonis, Litton's chairman and CEO, said: "Litton is a leading supplier of navigation systems for airborne and ground applications and has a smaller market position in commercial and military marine navigation. The addition of Sperry Marine brings new capabilities in the marine business that are highly complementary to our existing base and that extend our commercial business." For more information on Litton Circle 7 7 on Reader Service Card