NEW YORK--(BUSINESS WIRE)--Jan. 22, 2015-- L3 Communications (NYSE:LLL) announced today that it acquired the assets of MITEQ, Inc. on January 21, 2015 for $41 million, subject to customary adjustments. The business will be combined with L3’s Narda Microwave-East business located in Hauppauge, N.Y., and the new organization will be called L3 Narda-Miteq.
The Miteq business develops and manufactures specialized RF microwave products and solid-state SATCOM components that complement the existing Narda product line. The combined L3 Narda-Miteq business will employ approximately 700 people, providing products for the U.S. military, government agencies, prime contractors and commercial customers. The Miteq acquisition is expected to generate approximately $60 million in sales for the year ending December 31, 2015.
“Miteq adds key products, technical capabilities and other synergies, strong engineering talent and new customers to L3’s Advanced Communications sector within our Communication Systems segment,” said John S. Mega, president of L3 Communication Systems. “Together, Narda-Miteq is a stronger and more scalable supplier that creates cross-selling opportunities and helps us build strategic partnerships with our expanding customer base.”
Miteq offers a broad product line of active and passive RF microwave components and low-power SATCOM products for space and military applications. The RF microwave product line includes low-noise and power amplifiers, mixers, solid-state switch assemblies, synthesizers, oscillators and multipliers. SATCOM products include components for airborne and Earth Station systems, as well as solid-state power amplifiers, low-noise amplifiers, uplink power control units and frequency converters.
Headquartered in New York City, L3 employs approximately 48,000 people worldwide and is a prime contractor in aerospace systems and national security solutions. L3 is also a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. The company reported 2013 (revised) sales of $12.6 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.
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