L3 Technologies [LLL] on Tuesday said it had completed the sale of its Vertex Aerospace businesses to the private equity firm American Industrial Partners for $540 million in cash.
Last October, L3 said it planned to divest Vertex to focus on the products and solutions businesses within its Aerospace Systems segment. Vertex lost several major competitions last year that L3 said were based on changes in customer behavior toward lower price work.
“The sale of Vertex is another positive step that will enable us to reshape and align our portfolio with customers’ priorities,” Christopher Kubasik, chairman, president and CEO of L3, said in a statement.
In addition to Vertex, the sale included the Crestview Aerospace and TCS business units. The three units combined provide aviation logistics services, supply chain management, maintenance, repair and overhaul services, rotary aircraft component fabrication and assembly, and engineering services and logistics support.
On its website, American Industrial Partners says Vertex Aerospace says it has $1.1 billion in sales and about 4,100 employees. Vertex became a portfolio company of American Industrial Partners on June 29.