L-3 Communications has entered into an agreement to acquire Northrop Grumman’s Electro-Optical Systems (EOS) business for $175 million in cash. EOS is a maker of night-vision technology and electro-optical products for military, commercial, and public safety customers. The EOS business generated approximately $190 million of sales for the year ended Dec. 31, 2007, and is expected to be immediately accretive to L-3’s earnings. The acquisition should be completed in the second quarter of 2008, subject to standard regulatory approvals. L-3 offers integrated imaging solutions, including EO/IR (electro-optical/infrared) sensors, high-definition turrets, tactical sights, and laser designators for air, land, and sea applications. EOS’ portfolio includes night-vision goggles, weapons sights, driver viewers, image intensification tubes, and applied optics products. The business will be integrated into L-3’s Specialized Products segment within the Sensors and Simulation Group—New York, New York
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