Press Release

L3 Acquires OceanServer Technology

Enhances Growth Opportunities With Expansion Into Unmanned Undersea Vehicle Market

NEW YORK--(BUSINESS WIRE)--Apr. 4, 2017-- L3 Technologies (NYSE:LLL) announced today that it has acquired OceanServer Technology, Inc. (“OceanServer Technology”). The acquisition was completed on March 17, 2017, and the terms were not disclosed. The business was renamed L3 OceanServer and will be integrated into the company’s Sensor Systems segment.

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The L3 OceanSever-designed Iver is the first commercially developed low-cost Autonomous Underwater V ...

The L3 OceanSever-designed Iver is the first commercially developed low-cost Autonomous Underwater Vehicle (AUV). Iver is ideal for coastal applications such as sensor development, general survey work, subsurface security, research and environmental monitoring. The AUV is single man-portable and features simple point-and-click mission planning. (Photo: Business Wire)

Based in Fall River, Massachusetts, OceanServer Technology develops and manufactures autonomous, lightweight Unmanned Undersea Vehicles (UUVs). Since its inception in 2003, OceanServer Technology has established itself within a growing specialized market, providing highly capable UUVs to a wide array of military, commercial and international customers. The company’s products complement L3’s existing portfolio of sensor and communication offerings as well as its ISR, anti-submarine warfare and mine countermeasures capabilities.

“OceanServer Technology positions L3 to support the U.S. Navy’s vision for the tactical employment of UUVs. This acquisition also enhances our technological capabilities and strengthens our position in growth areas where we see compelling opportunity,” said Michael T. Strianese, L3’s Chairman and Chief Executive Officer. “As a leading innovator and developer of UUVs, OceanServer Technology provides L3 with a new growth platform that is aligned with the U.S. Navy’s priorities.”

Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of $10.5 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.

Source: L3 Technologies

L3
Corporate Communications
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