L3 Technologies

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L3 Technologies, Inc.
Formerly
L-3 Communications Holdings
Public
Traded asNYSELLL
S&P 500 Component
IndustryAerospace, Defense
Founded1997; 21 years ago (1997)
HeadquartersNew York City, New York, United States
Area served
Worldwide
Key people
Michael T. Strianese
(Chairman)
Christopher E. Kubasik
(CEO and President)
ProductsAVCATT, ISR systems, numerous specialized components
RevenueIncrease US$ 9.573 billion[1] (2017)
Increase US$ 1.020 billion[1] (2017)
Decrease US$ 986 million[1] (2017)
Total assetsIncrease US$ 12.73 billion[1] (2017)
Total equityIncrease US$ 5.15 billion[1] (2017)
Number of employees
31,000 (2017)
Websitewww.l3t.com

L3 Technologies, formerly L-3 Communications Holdings, is an American company that supplies command and control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems and products, avionics, ocean products, training devices and services, instrumentation, aerospace, and navigation products. Its customers include the Department of Defense, Department of Homeland Security, U.S. Government intelligence agencies, NASA, aerospace contractors and commercial telecommunications and wireless customers.

L3 is headquartered in Murray Hill, Manhattan, New York City.[2]

History[edit]

L3 was formed as L-3 Communications in 1997 to acquire certain business units from Lockheed Martin that had previously been part of Loral Corporation. These units had belonged to Lockheed Corporation and Martin Marietta, which had merged three years before in 1993.[3] The company was founded by (and named for) Frank Lanza and Robert LaPenta in partnership with Lehman Brothers. Lanza and LaPenta had both served as executives at Loral and Lockheed.[4]

L3 continued to expand through mergers and acquisitions to become one of the top ten U.S. government contractors.[5]

Acquisitions[edit]

1997
2000
  • Training & Simulation Division of Raytheon Systems Co., based in Arlington, Texas. This company was formerly known as Hughes Training, Inc., and part of the Hughes Aircraft Defense Group purchased by Raytheon from General Motors two years earlier. The division traces its ancestry to the original company formed by Edwin Link, inventor of the airplane simulator, and accordingly was renamed Link Simulation and Training (now known as Link Training and Simulation).[6]
2001
  • KDI Precision Products, Batavia, Ohio. Electronic fuzing, safe and arm devices.
  • Litton Electron Devices from Northrop Grumman (renamed L3 Electron Devices)
2002
  • Raytheon Aircraft Integration Systems (renamed L3 Integrated Systems; the Greenville, Texas facility is now known as L3 Mission Integration Division, while the Waco, Texas facility is now known as L3 Platform Integration Division)
  • SyColeman Corporation, which came about from the joining of Sy Technologies and Coleman Research Corporation.
  • PerkinElmer Detection Systems from PerkinElmer which became L-3 Security & Detection Systems.[7]
2003
  • Ship Analytics, Inc.[8]
  • BF Goodrich Avionics[9]
  • L-3 Communication MAS from Bombardier Aerospace.
2004
  • Cincinnati Electronics, Mason, Ohio. Infrared detectors & systems, space avionics.
2005
2006
  • Advanced System Architectures, a company based in Fleet, Hampshire, United Kingdom. L-3 ASA has core capabilities in the development and through-life management of complex information systems, data fusion and tracking solutions, and interoperable secure communications systems.
  • Crestview Aerospace, a company based in northwest Florida. Crestview Aerospace provides aircraft structures, major airframe assemblies, and military aircraft modifications for leading prime contractors and OEMs in the aerospace industry. (Sold in 2017 along with Vertex Aerospace and TCS.)
  • Nautronix and MariPro, based in Fremantle, Australia and Santa Barbara, California, respectively, from Nautronix Plc in Aberdeen, Scotland. Nautronix and MariPro provide acoustic ranges and hydrographics to commercial and defense markets.
  • TRL Technology, a specialist defense electronics company based in Gloucestershire, United Kingdom. TRL Technology is internationally known for development and innovation in the fields of interception, surveillance, electronic warfare, and communications.[11]
2010
2012
2015
2016
  • MacDonald Humfrey (Automation), a Luton, UK based checkpoint security and automation company.[16]
  • ExMac(Automation), a Droitwich, UK based automated material handling company.
2017
2018
  • In October 2018 L3 announced an all-stock "merger of equals" with Florida-based Harris Corporation, to be closed (subject to approvals) in mid-2019. The new company, tentatively called L3 Harris Technologies, Inc., will be based in Melbourne, Florida, where Harris is currently headquartered.[21]

Business organization[edit]

As of 2017, L3 is organized under four business segments:

  • Electronic Systems
    • Advanced Programs
    • Aviation Products and Security
    • Power and Propulsion Systems
    • Precision Engagement and Training
  • Aerospace Systems
    • Aircraft Systems
    • ISR Systems
    • MAS
    • Vertex Aerospace
  • Communication Systems
    • Advanced Communications
    • Broadband Communications
    • Space and Power
    • Tactical SATCOM
  • Sensor Systems
    • Space & Sensor Systems
    • Maritime Sensor Systems
    • Worldwide Surveillance & Targeting Missions
    • Warrior Sensor Systems

Management[edit]

Frank Lanza, CEO and co-founder, died on June 7, 2006. CFO Michael T. Strianese was named as interim CEO, and was later appointed Chairman, President and CEO of the company on October 23, 2006. In 2015, former Lockheed Martin executive Christopher E. Kubasik was named President and COO, with Strianese remaining as Chairman and CEO.[22] On July 19, 2017, Strianese announced that he would retire as CEO on December 31, 2017, to be succeeded by Kubasik, but would remain as board chairman.[23] As of January 1, 2018, Christopher E. Kubasik became Chief Executive Officer and President of L3 Technologies.

Naming[edit]

L3 Technologies was originally named L-3 Communications for the last initials of its founders Frank Lanza, Robert LaPenta, and Lehman Brothers. Despite the similarity in naming, there is no corporate connection between L3 Technologies, formerly known as L-3 Communications, and networking provider Level 3 Communications, whose name is often abbreviated "L3" in informal industry communication.

On December 31, 2016, L3's company name changed from L-3 Communications Holdings, Inc. to L3 Technologies, Inc. to better reflect the company's wider focus since its founding in 1997. The company's website changed from L-3com.com to L3T.com, but the company's NYSE ticker symbol of LLL remained the same.[24]

Products[edit]

Controversies[edit]

Federal contract suspension[edit]

In 2010 it was announced that L3's Special Support Programs Division had been suspended by the United States Air Force from doing any contract work for the US federal government. A US Department of Defense investigation had reportedly found that the company had, "used a highly sensitive government computer network to collect competitive business information for its own use." A US federal criminal investigation[26] ended the temporary suspension on July 27, 2010.

Counterfeit parts[edit]

On November 4, 2010 L3 issued a part purge notification to prevent future use of Chinese counterfeit parts, but did not notify its customers whose display systems suffered from much higher than expected failure rates.[27]

EOTech Defective Holographic Sights Lawsuit[edit]

In 2015, L3 Technologies agreed to pay $25.6 million to settle a lawsuit with the U.S. Government. L3 was accused of knowingly providing the U.S. military with optics that failed in extreme temperatures and humid weather conditions. These sights were provided to infantry and special operations forces operating in Afghanistan and Iraq, as well as civilians and law enforcement.[28]

The civil fraud lawsuit was filed by Preet Bharara, in the Southern District of New York. The lawsuit alleged L3 officials have known since 2006 that the holographic sights being sent to Iraq and Afghanistan failed to perform as advertised in extreme temperature ranges. The lawsuit alleges that the FBI independently discovered the thermal drift defect in March 2015 and presented EOTech with "the very same findings that the company had documented internally for years. Shortly thereafter, EOTech finally disclosed the thermal drift defect to DoD." According to court documents, EOTech had advertised that its sights performed in temperatures ranging from -40 degrees to 140 degrees Fahrenheit, and in humid conditions.[29]

In temperature extremes the sights exhibited thermal drift, which is when the sight's point of aim differed from its point of impact.[28]

The sights also suffered from reticle fading and parallax.

See also[edit]

References[edit]

  1. ^ a b c d e "L3 TECHNOLOGIES, INC. ANNUAL REPORT ON FORM 10-K For the Year Ended December 31, 2016" (XBRL). United States Securities and Exchange Commission. February 23, 2017. Archived from the original on September 10, 2017.
  2. ^ "Company Profile Archived June 24, 2011, at the Wayback Machine.." L-3 Communications. Retrieved on March 10, 2010.
  3. ^ "Robert V. LaPenta" L-1 Identity Solutions Archived February 28, 2014, at the Wayback Machine.
  4. ^ "History of L-3 Communications Holdings, Inc. – FundingUniverse". www.fundinguniverse.com. Archived from the original on July 3, 2017. Retrieved June 25, 2017.
  5. ^ "2011 Washington Technology Top 100". Archived from the original on December 11, 2011. Retrieved December 10, 2011.
  6. ^ Training, L3 Link Simulation and. "History - L-3 Link Simulation & Training". www.link.com. Archived from the original on December 23, 2017. Retrieved June 25, 2017.
  7. ^ "L-3 Communications completes acquisition of PerkinElmer detection-systems business". VisionSystems Design. June 18, 2002. Archived from the original on June 29, 2016. Retrieved June 20, 2016.
  8. ^ "L-3 Communications Acquires Ship Analytics, Inc. - Free Online Library". www.thefreelibrary.com. Retrieved June 25, 2017.
  9. ^ "COMPANY NEWS; GOODRICH TO SELL ITS AVIONICS UNIT FOR $188 MILLION". www.nytimes.com. Archived from the original on August 7, 2017. Retrieved August 7, 2017.
  10. ^ "L-3 MAPPS Company details". naval-technology.com. Archived from the original on September 8, 2010. Retrieved January 8, 2011.
  11. ^ ""Archived copy". Archived from the original on June 11, 2011. Retrieved February 8, 2016.." L-3 Communications. Retrieved on May 24, 2010.
  12. ^ "[1]." Retrieved on November 24, 2014.
  13. ^ "Goodbye CTC Aviation, hello L3 Airline Academy - Pilot Career News". Pilot Career News. 2017-05-15. Retrieved 2018-07-11.
  14. ^ "Flight Training News advert".
  15. ^ "Archived copy". Archived from the original on March 4, 2016. Retrieved May 28, 2015.
  16. ^ "Archived copy". Archived from the original on December 1, 2016. Retrieved November 27, 2016.
  17. ^ "L3 Acquires Open Water Power, Inc". www.businesswire.com. Archived from the original on June 25, 2017. Retrieved June 25, 2017.
  18. ^ https://www.l3t.com/press-release/l3-acquires-open-water-power-inc
  19. ^ "Batteries that "drink" seawater could power long-range underwater vehicles". mit.edu. Archived from the original on June 24, 2017. Retrieved June 25, 2017.
  20. ^ "L3 purchase of Ocean-Serer". April 4, 2017. Archived from the original on November 7, 2017.
  21. ^ http://l3harris.mergerannouncement.com/wp-content/uploads/2018/10/Transaction-Press-Release-FINAL-1.pdf
  22. ^ "L3 Chairman and CEO Michael T. Strianese Announces Plan to Retire; Board Elects Christopher E. Kubasik as CEO" (Press release). L3 Technologies. July 19, 2017. Archived from the original on August 18, 2017.
  23. ^ Farhatha, Ahmed (July 20, 2017). "L3 Technologies CEO to retire, COO to take over". Reuters. Archived from the original on July 20, 2017. Retrieved July 20, 2017.
  24. ^ "L-3 Communications to Change Name to L3 Technologies, Inc" (Press release). L-3 Communications, Inc. December 6, 2016. Archived from the original on December 15, 2016. Retrieved December 6, 2016.
  25. ^ [2] Archived July 13, 2011, at the Wayback Machine.
  26. ^ Hodge, Nathan, "Spotlight On Private Firms At Pentagon", Wall Street Journal, June 12, 2010, p. 4.
  27. ^ Rajghatta, Chidanand (March 30, 2014). "Did IAF's 'US-made' C-130J Super Hercules that crashed have fake Chinese parts?". indiatimes.com. TNN. Archived from the original on March 30, 2014. Retrieved March 30, 2014.
  28. ^ a b "EOTech Breaks Silence over Defective Sights" Archived July 27, 2016, at the Wayback Machine., Military.com, January 21, 2016. Retrieved on November 8, 2016.]
  29. ^ "US Optic Maker Settles Lawsuit Over Defective Rifle Sights" Archived February 17, 2017, at the Wayback Machine., Military.com, December 2, 2015. Retrieved on * November 2015.]]

External links[edit]

Coordinates: 40°44′57″N 73°58′33″W / 40.7492°N 73.9757°W / 40.7492; -73.9757