L3 completes sale of Vertex Aerospace business
L3 Technologies of New York, NY announced on July 3 that on June 29, 2018 it completed the previously announced sale of its Vertex Aerospace businesses to American Industrial Partners for $540 million in cash, subject to customary adjustments.
The sale included the Crestview Aerospace and TCS business units, which were part of L3’s Aerospace Systems business segment. Vertex Aerospace provides aviation logistics services, supply chain management, and maintenance, repair and overhaul services. Crestview Aerospace provides select rotary aircraft component fabrication and assembly, and TCS provides select engineering services and logistics support.
“The sale of Vertex is another positive step that will enable us to reshape and align our portfolio with customers’ priorities,” said Christopher Kubasik, L3’s chairman, chief executive officer and president. “We will use the proceeds from the sale to continue our strategy of investing in businesses that position our company for growth.”