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L3 Announces Business Segment Realignment
- Aerospace Systems and Sensor Systems Combine to Form ISR Systems Segment
- Mark R. Von Schwarz to Retire
NEW YORK--(BUSINESS WIRE)--Aug. 2, 2018-- L3 Technologies (NYSE:LLL) announced today that the company is realigning its business segments to maximize growth and improve its integration and collaboration across the enterprise.
Effective immediately, Aerospace Systems will combine with Sensor Systems to form the new Intelligence, Surveillance & Reconnaissance (ISR) Systems segment, which will heighten L3's focus on developing and delivering best-in-class global ISR and signals intelligence (SIGINT) solutions. The segment will be led by Jeffrey A. Miller, corporate Senior Vice President and President of Sensor Systems, and have combined estimated 2018 sales of $4.7 billion. Mark R. Von Schwarz, President of Aerospace Systems, will retire from the company after the transition is complete. L3's Electronic Systems and Communication Systems segments remain unchanged.
“We are rapidly transforming L3 for integration and growth by strengthening our technological alignments, which enables us to more effectively build upon our competitive advantages,” said Christopher E. Kubasik, Chairman, Chief Executive Officer and President. “The increased scale of our new ISR Systems segment highlights our attractive position as a Global ISR prime contractor and accelerates our ability to address our customers' increasingly complex needs.”
Mr. Kubasik continued, “This business realignment action supports our objective to improve operating margin to 12% for 2019.” The company reaffirms its consolidated 2018 financial guidance provided on July 26, 2018. Commencing in the third quarter of 2018, L3 will report its results under the realigned business segments.
L3 Technologies is an agile innovator and leading provider of global ISR, communications and electronic systems for military, homeland security and commercial aviation customers. With headquarters in New York City and approximately 31,000 employees worldwide, L3 develops advanced defense technologies and commercial solutions in pilot training, aviation security, night vision and EO/IR, weapons, maritime systems and space. The company reported 2017 sales of $9.6 billion.
To learn more about L3, please visit the company's website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company's website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “will,” “could” and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-Looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180802005210/en/
Source: L3 Technologies
L3 Technologies
Corporate Communications
212-697-1111
https://www.l3t.com/press-release/l3-announces-business-segment-realignment
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October 6, 2020 | International, Aerospace
Safran Helicopter Engines strengthens its European team around Ardiden 3TP with ITP Aero in Spain
5 October 2020, Bordes Safran Helicopter Engines and the Spanish aero-engine company ITP Aero have signed a Memorandum of Agreement (MoA) to cooperate on Ardiden 3TP, a turboprop engine suitable for European military applications – specifically the unmanned, training and transport sectors. The Spanish aero engine specialist strengthen the European team with Safran Helicopter Engines, and ZF Aviation Technology in Germany. Ardiden 3TP is a 100% European solution based on Safran's Ardiden 3 core engine and featuring technologies developed through its Tech TP technological demonstrator, which ran for the first time in June 2019. Alvaro Santodomingo, ITP Aero Defence Business Unit Executive Director, said: "A collaboration with Safran Helicopter Engines in this engine is an important opportunity for us. Our aero-engine technologies and capabilities will significantly benefit this engine propulsive system, lowering operating and maintenance costs, while supporting future Spanish industrial capabilities". Commented Florent Chauvancy, Safran Helicopter Engines EVP OEM Sales, "We are proud to welcome ITP Aero into this exciting project. We are committed to delivering the Ardiden 3TP, a 100% European engine featuring high levels of design maturity and competitive operating and maintenance costs. It will be designed, built and supported by highly-experienced teams using state-of-the-art industrial capabilities in Germany, Spain and France. For European nations seeking to protect their national interests, in civil or military fixed-wing programs, Ardiden 3TP is the natural choice." The Ardiden 3TP will be optimized for operation at medium and high altitudes, up to 45,000 feet, and be easy to operate -- thanks to a unique throttle and Full Authority Digital Engine and Propeller Control (FADEPC) controlling power and propeller pitch. MT-Propeller will contribute to the propeller. It is based on Tech TP, a Clean Sky 2 research and innovation programme validating the technologies necessary to develop a new-generation turboprop. Since June 2019, tests have progressed at a steady pace. Featuring a compact and lightweight architecture, Tech TP offers 15 per cent lower fuel consumption and CO2 emissions (over current engines). It is one of the first Clean Sky 2 demonstrators to enter its test phase. More than 20 partners from eight European countries are contributing to the project. The Ardiden 3 is a new-generation core engine in the 1,700 to 2,000 shp power range. Two EASA-certified models, the Ardiden 3C and 3G, have completed over 10,000 hours of tests, confirming high levels of design maturity and competitive operating and maintenance costs. In addition, more than 250 Ardiden 1 engines have flown over 200,000 hours. The Ardiden 3 features a remarkably compact modular architecture, a best-in-class power-to-weight ratio and a low cost-of-ownership. https://www.safran-helicopter-engines.com/media/safran-helicopter-engines-strengthen-its-european-team-around-ardiden-3tp-itp-aero-spain-20201001
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