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News Breaks
March 12, 2014
08:01 EDTLLLL-3 Communications reorganizes business segments
L-3 Communications has reorganized its business segments to better align its organizational structure with customer priorities and increase operational efficiencies. The new structure is effective immediately. L-3’s structure now consists of these four business segments: Aerospace Systems, Electronic Systems, Communication Systems and National Security Solutions. John C. McNellis has been named president of Aerospace Systems, which combines the operations of the former Platform & Logistics Solutions segment with Intelligence, Surveillance and Reconnaissance Systems. Steve Kantor continues in his role as president of Electronic Systems, which includes all previous businesses except Microwave Products, which is now part of Communication Systems. John S. Mega has been named president of Communication Systems, which combines the operations of Microwave Products, previously part of the Electronic Systems segment, with Networked and Secure Communications Products, previously part of the former C3ISR segment. Les A. Rose continues in his role as president of National Security Solutions, which remains unchanged. The realignment is not expected to have any impact on the company’s consolidated 2014 financial guidance.
News For LLL From The Last 14 Days
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August 24, 2015
09:02 EDTLLLSparton, L-3 reach settlement agreement; Sparton to pay L-3 $2.5M
Sparton Corporation (SPA) has signed a settlement agreement to pay L-3 Communications (LLL) $2.5M. On September 24, 2013, L-3 Communications Corporation, doing business as L-3 Linkabit, filed a complaint in the United States District Court for the Middle District of Florida, Orlando Division, against Sparton Corporation and Sparton Electronics. On August 20, 2015, Sparton and L-3 signed a mutual accord resolving the dispute. The agreement requires payment from Sparton to L-3 on or before October 1, 2015 in consideration for dismissal of the litigation. Neither party admitted to any mistakes, damage or fault. "This settlement has resulted in a positive business outcome between our two companies," stated Cary Wood, President & CEO of Sparton. "Our on-going relationship with L-3 remains solid and we expect to continue to be partners well into the future. The new business development funnel continues to be strong overall and includes a number of key L-3 programs currently in the quote phase. With fiscal 2015's adjusted earnings per share to be announced on September 8, 2015 in-line with analyst consensus, it allows us to enter fiscal 2016 with a clean slate by having this dispute and the Fenwal rebalancing activities well behind us, setting us up for what we expect to be a successful fiscal 2016 on all fronts."

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