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Business/Financial

L-3 To Acquire ASW Systems Provider; Authorizes $1 Billion Stock Repurchase

DDN

Tuesday, November 25th, 2008

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L-3 Communications [LLL] yesterday said it has agreed to acquire Maryland-based Chesapeake Sciences Corp., a developer and manufacturer of anti-submarine warfare (ASW) systems, in a deal that will complement its existing products in undersea warfare. Purchase terms were not disclosed. L-3 said the deal is expected to close by March 2009 and be accretive to earnings next year. Chesapeake Sciences is expected to generate about $70 million in sales in 2009. Chesapeake Sciences specializes in the development, test and integration…

Congress

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