Interstate Electronics to Be Sold to Lockheed Spinoff
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Interstate Electronics Technologies, Anaheim-based maker of satellite guidance, navigation and instrumentation systems, is being sold by its Ohio-based owner to L-3 Communications Corp. in New York for $60 million, the companies announced Monday.
L-3 said the transaction, which includes real estate valued at $10 million, is expected to be completed in the second quarter.
Interstate’s current owner, Scott Technologies, said in October that it planned to sell the unit, which has about 500 employees, including 475 in Orange County. L-3 executives could not be reached for comment on their plans for the unit.
Interstate sells Trident submarine ballistic-missile weapon systems to the U.S. Navy and also global positioning systems. Scott Technologies didn’t break down its revenue from the unit.
New York-based L-3, a spinoff from Lockheed Martin Corp. that went public last May, supplies secure communications systems used by airlines, the military and intelligence agencies.
The acquisition opens opportunities for L-3 to expand its commercial business through contracts with General Motors Corp. to supply flat-panel displays for locomotive cabs, L-3’s Chairman and Chief Executive Frank C. Lanza said in a statement.
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