Author: Jane Edwards|| Date Published: October 10, 2016
L-3 Communications (NYSE: LLL) has agreed to purchase the explosive trace detection business assets of Implant Sciences for $117.5 million cash in a push to expand the former’s portfolio of security and detection platforms.
L-3 said Monday it will assume specified liabilities under the asset purchase agreement with Implant Sciences and will integrate the latter™s ETD business with its security and detection systems division under L-3™s electronic systems business segment.
Implant Sciences has filed for Chapter 11 bankruptcy protection and both the sale of assets and L-3™s role as acquirer are subject to U.S. Bankruptcy Court approval.
Last week, L-3 closed its purchase of Australia-based electronic warfare company Aerosim and a separate deal for pilot training services provider Aerosim.
Implant Sciences™ ETD offerings for defense and homeland security markets have approvals from international regulatory agencies, such as the U.S. Transportation Security Administration and the European Civil Aviation Conference.
TSA ordered more than 1, 300 units of the Implant Sciences-built QS-B220 desktop explosives and drugs trace detector platform in September.
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L-3 Communications (NYSE: LLL) has agreed to purchase the explosive trace detection business assets of Implant Sciences for $117.5 million cash in a push to expand the former’s portfolio of security and detection platforms.
