US-based communications group L-3 expects to complete integration of its latest acquisition, Titan, by the end of November. L-3 agreed to acquire the California-based security and communications specialist for $2.65 billion in June. L-3 chairman and chief executive Frank Lanza says the acquisition is expected to boost the company’s sales to between $11.5 billion and $12 billion in 2006, making it the sixth-largest defence contractor in the USA.
The L-3 group, which has activities in Germany, is also looking at further European acquisitions, particularly in the UK, and at opportunities for more joint ventures in Asia. “We’re looking to expand our footprint in certain key countries in which we have a relationship where we can sell military products,” says Lanza. In the UK, L-3 is looking at companies between $100 million and $300 million in size.
Source: Flight International