Northrop Grumman to Sell Electro-Optical Systems to L-3 Communications
LOS ANGELES - March 12, 2008 - Northrop Grumman Corporation (NYSE:NOC) has signed a definitive agreement to sell its Electro-Optical Systems business for $175 million in cash to L-3 Communications (NYSE:LLL). Completion of the transaction, subject to customary conditions including Hart-Scott-Rodino approval, is expected in the second quarter of 2008. Electro-Optical Systems, a part of the company's Electronic Systems sector, produces night vision and applied optics products and had sales of approximately $190 million in 2007. Headquartered in Garland, Texas, Electro-Optical Systems has approximately 1,000 employees.
Northrop Grumman Corporation is a $32 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
Contact: Dan McClain (Media)
(310) 201-3335
dan.mcclain@ngc.com
Denny McSweeny (Investors)
(310) 229-1311
denny.mcsweeny@ngc.com
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