L3 To Sell Vertex Aerospace Unit To American Industrial Partners For $540 Mln

(RTTNews) - L3 Technologies (LLL) announced a definitive agreement to sell its Vertex Aerospace business to American Industrial Partners for $540 million in cash. L3 will also sell its Crestview Aerospace and TCS business units, which are included in the Aerospace Systems business segment. The company expects to record a gain on the sale of these businesses. The transaction is anticipated to be completed in the summer of 2018.

Christopher Kubasik, L3's CEO, said: "This is a strategic step toward optimizing L3's portfolio. We will use the proceeds from the sale to invest in the continued growth of L3, consistent with our capital allocation strategy and plans."