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L3 Posts Solid Financial Results In First Quarter; Selling Vertex To Private Equity Firm

Cal Biesecker By
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L3 Posts Solid Financial Results In First Quarter; Selling Vertex To Private Equity Firm
Chris Kubasik, chairman, president and CEO of L3 Technologies. Photo: L3

L3 Technologies [LLL] on Tuesday posted a solid financial start to its fiscal year with higher earnings and sales in the first quarter and the company announced that it has agreed to sell its Vertex Aerospace business for $540 million in cash to the private equity firm American Industrial Partners (AIP).The deal with AIP also includes L3’s Crestview Aerospace and TCS business units and is expected to be completed this summer. Combined, the three business units have around $900 million…

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