From Deseret News archives:
L-3 to buy Northrop optical unit for $175 million
Northrop's Electro-Optical Systems business generated about $190 million in sales last year, L-3 and Northrop said this past week in separate statements. The Garland, Texas-based unit employs 1,000 people and makes sensors, weapons-sighting devices, laser-based equipment and night-vision goggles.
"There is strong demand worldwide for image-enhancing products," James Dunn, president of L-3's Sensors and Simulation Group, said in his company's statement.
Acquiring the business from Los Angeles-based Northrop means L-3's electro-optical and infrared unit will generate about $800 million in annual sales "with growth exceeding 10 percent," Dunn said in the statement. The transaction should be completed this quarter, the companies said.
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