AP NEWS

L3 Strengthens Unmanned Maritime Capabilities With Acquisition of ASV Global

September 24, 2018

NEW YORK--(BUSINESS WIRE)--Sep 24, 2018--L3 Technologies (NYSE:LLL) announced today that it acquired ASV Global, LLC, a leading unmanned surface vessel (USV) and autonomous vessel control systems company on September 20. This acquisition strategically enhances L3’s full spectrum of unmanned maritime capabilities, including integrated anti-submarine warfare (ASW) solutions, future surface combatant unmanned off-board sensors, and integrated unmanned surface and undersea vessel (USV/UUV) operations. The new company will be known as L3 ASV.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005437/en/

L3 ASV’s C-Worker 7 is a multi-role work class autonomous vessel suitable for a variety of offshore and coastal tasks. (Photo: Business Wire)

“Autonomous capabilities for surface ships and undersea vessels are top priorities for our naval and commercial maritime customers, and we are increasing our investments to lead in this strategic growth area and strengthen L3’s position as a leading supplier of maritime solutions,” said Christopher E. Kubasik, L3’s Chairman, Chief Executive Officer and President. “The addition of L3 ASV enables us to deliver both unmanned surface and undersea vehicle technologies to an expanded international customer base and take a prime contractor position on major unmanned systems.”

Based in Louisiana and the United Kingdom, L3 ASV delivers surface vessels in a range of sizes, currently from 10 to 42 feet, with proprietary software and control systems and proven unmanned system autonomy architectures. These time-tested capabilities have been demonstrated on multiple vessel types and sizes with over 1,500 operating days of service. Additionally, the company’s autonomy systems are consistent with the International Regulations for Preventing Collisions at Sea, 1972 (COLREGs) published by the International Maritime Organization.

“L3 continues to collaborate on and deliver best-in-class maritime sensor, autonomy, USV/UUV, and command and control technologies,” said Sean J. Stackley, L3’s Senior Vice President and President of its Communications & Networked Systems business segment. “Aligning L3 ASV’s proprietary surface vessel control technology and proven unmanned system autonomy architecture with our already strong UUV capabilities allows us to stay ahead of the curve in helping our customers meet their mission objectives.”

L3 Technologies is an agile innovator and leading provider of global ISR, communications and networked systems, and electronic systems for military, homeland security and commercial aviation customers. With headquarters in New York City and approximately 31,000 employees worldwide, L3 develops advanced defense technologies and commercial solutions in pilot training, aviation security, night vision and EO/IR, weapons, maritime systems and space. The company reported 2017 sales of $9.6 billion.

To learn more about L3, please visit the company’s website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company’s website and is readily accessible.

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. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180924005437/en/

CONTACT: L3 Technologies

Corporate Communications

212-697-1111

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT HARDWARE NETWORKS SOFTWARE TRANSPORT SECURITY MARITIME MANUFACTURING AEROSPACE DEFENSE OTHER DEFENSE

SOURCE: L3 Technologies

Copyright Business Wire 2018.

PUB: 09/24/2018 08:30 AM/DISC: 09/24/2018 08:30 AM

http://www.businesswire.com/news/home/20180924005437/en

AP RADIO
Update hourly