L3 acquires OceanServer Technology
April 05, 2017: L3 Technologies (NYSE: hasLLL) announced that had acquired OceanServer Technology, Inc. ("OceanServer Technology"). The acquisition was completed on March 17, 2017, and the details of the deals were not disclosed. The business was renamed L3 OceanServer and will be integrated into the company's Sensor Systems segment. The
April 05, 2017: L3 Technologies (NYSE: hasLLL) announced that had acquired OceanServer Technology, Inc. ("OceanServer Technology"). The acquisition was completed on March 17, 2017, and the details of the deals were not disclosed. The business was renamed L3 OceanServer and will be integrated into the company's Sensor Systems segment.
The L3 OceanSever-designed Iver is the first commercially developed low-cost Autonomous Underwater Vehicle (AUV). Iver is ideal for coastal applications such as sensor development, general survey work, subsurface security, research and environmental monitoring. The AUV is single man-portable and features simple point-and-click mission planning.
Based in Fall River, Massachusetts, OceanServer Technology develops and manufactures autonomous, lightweight Unmanned Undersea Vehicles (UUVs). Since its inception in 2003, OceanServer Technology has established itself within a growing specialised market, providing highly capable UUVs to a broad range of military, commercial and international customers. The company's products complement L3's existing portfolio of sensor and communication offerings as well as its ISR, anti-submarine warfare and mine countermeasures capabilities.
OceanServer Technology positions L3 to support the U.S. Navy's vision for the tactical employment of UUVs. This acquisition also enhances our technological capabilities and strengthens our position in growth areas where we see compelling opportunity, said Michael T. Strianese, L3's Chairman and Chief Executive Officer. "As a leading innovator and developer of UUVs, OceanServer Technology provides L3 with a new growth platform that is aligned with the U.S. Navy's priorities."
Headquartered in New York City, L3 Technologies has a strong 38,000 workforce worldwide and is a leading provider of a broad range of communication, electronic and sensor systems used in the military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of US $10.5 billion.
