L-3 to acquire Thales civil aircraft simulation and training business, expand L-3 Link Simulation & Training

NEW YORK, 12 April 2012. L-3 Communications (NYSE:LLL) in New York has entered into an agreement to acquire the civil aircraft simulation and training business of Thales Training & Simulation Ltd., with facilities in the U.K., France, Germany, and Australia.

Thales Training & Simulation--headquartered in Crawley, U.K., operates a training center in Asia, and employs roughly 400 people--is a manufacturer of commercial flight simulation equipment. The company enjoys an installed base of more than 540 simulators, which are compliant with U.S. Federal Aviation Administration (FAA), European Aviation Safety Agency (EASA), and International Civil Aviation Organization (ICAO) regulations.


The acquisition, priced at £83 million (approximately $132 million) and to be funded with cash on hand, should be completed this summer. It is subject to customary closing conditions and regulatory approvals, and will be substantially structured as an asset purchase for income tax purposes. For the 12 months ending 31 Dec. 2012, the new civil aircraft training and simulation business is expected to generate sales of approximately $150 million. The acquisition is expected to be immediately accretive to L-3’s results of operations.

“With this acquisition, L-3 will strengthen its existing military training and simulation business by adding full flight simulator capability and expanding into the civil simulation market. The business, when combined with our existing military training and simulation business, will enable L-3 to offer a full range of total training system solutions to military and commercial customers,” says Michael T. Strianese, L-3’s chairman, president and chief executive officer. “The result for L-3 will be a diversified and expanded simulation and training business and an increased global presence and growth outlook.”

Pending the successful completion of this transaction, Thales Training & Simulation will be integrated into the L-3 Link Simulation & Training organization, which is part of L-3’s Electronic Systems Group.


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