Market Overview

L3 Announces Business Segment Realignment

Share:
  • Aerospace Systems and Sensor Systems Combine to Form ISR Systems
    Segment
  • Mark R. Von Schwarz to Retire

L3 Technologies (NYSE:LLL) announced today that the company is
realigning its business segments to maximize growth and improve its
integration and collaboration across the enterprise.

Effective immediately, Aerospace Systems will combine with Sensor
Systems to form the new Intelligence, Surveillance & Reconnaissance
(ISR) Systems segment, which will heighten L3's focus on developing and
delivering best-in-class global ISR and signals intelligence (SIGINT)
solutions. The segment will be led by Jeffrey A. Miller, corporate
Senior Vice President and President of Sensor Systems, and have combined
estimated 2018 sales of $4.7 billion. Mark R. Von Schwarz, President of
Aerospace Systems, will retire from the company after the transition is
complete. L3's Electronic Systems and Communication Systems segments
remain unchanged.

"We are rapidly transforming L3 for integration and growth by
strengthening our technological alignments, which enables us to more
effectively build upon our competitive advantages," said Christopher E.
Kubasik, Chairman, Chief Executive Officer and President. "The increased
scale of our new ISR Systems segment highlights our attractive position
as a Global ISR prime contractor and accelerates our ability to address
our customers' increasingly complex needs."

Mr. Kubasik continued, "This business realignment action supports our
objective to improve operating margin to 12% for 2019." The company
reaffirms its consolidated 2018 financial guidance provided on July 26,
2018. Commencing in the third quarter of 2018, L3 will report its
results under the realigned business segments.

L3 Technologies is an agile innovator and leading provider of global
ISR, communications and electronic systems for military, homeland
security and commercial aviation customers. With headquarters in New
York City and approximately 31,000 employees worldwide, L3 develops
advanced defense technologies and commercial solutions in pilot
training, aviation security, night vision and EO/IR, weapons, maritime
systems and space. The company reported 2017 sales of $9.6 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.

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.

View Comments and Join the Discussion!