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L-3 Acquiring Electro-Optical Systems Business From Northrop Grumman

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L-3 Communications [LLL] said yesterday it has agreed to acquire the Electro-Optical Systems (EOS) business from Northrop Grumman [NOC] for $175 million in cash to expand its core offerings of image enhancing products. The deal is expected to close in the second quarter of 2008 subject to regulatory approvals. Electro-Optical Systems had $190 million in sales last year and L-3 said it would be immediately accretive to earnings. "There is strong demand worldwide for image-enhancing products, and the addition of…

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