L3 Technologies

Last updated

L3 Technologies, Inc.
FormerlyL-3 Communications Holdings
Company type Subsidiary
NYSE: LHX
Industry Aerospace, Defense
Predecessor Loral Corporation's business that was part of Lockheed Martin, Paramax Systems Corporation
FoundedFebruary 1997;27 years ago (February 1997) [1]
DefunctJune 28, 2019;5 years ago (2019-06-28)
FateMerged with Harris Corporation
Successor L3Harris Technologies
Headquarters
New York City, New York
,
United States[ citation needed ]
Area served
Worldwide
Key people
Michael T. Strianese (chairman, CEO)
Christopher E. Kubasik (CEO and president)
Products AVCATT, ISR systems, numerous specialized components, electronics, avionics
RevenueIncrease2.svg US$9.573 billion [2]  (2017)
Increase2.svgUS$1.020 billion [2]  (2017)
Decrease2.svgUS$986 million [2]  (2017)
Total assets Increase2.svgUS$12.73 billion [2]  (2017)
Total equity Increase2.svgUS$5.15 billion [2]  (2017)
Number of employees
38,000 [3]  (2017)
Website www.l3t.com

L3 Technologies, formerly L-3 Communications Holdings, was an American company that supplied command and control, communications, intelligence, surveillance and reconnaissance (C3ISR) systems and products, avionics, ocean products, training devices and services, instrumentation, aerospace, and navigation products. Its customers included the Department of Defense, Department of Homeland Security, United States Intelligence Community, NASA, aerospace contractors, and commercial telecommunications and wireless customers. In 2019, it merged with Harris Corporation to form L3Harris Technologies. [4]

Contents

L3 was headquartered in Murray Hill, Manhattan, New York City. [5]

History

L3 was formed as L-3 Communications in 1997 to acquire certain business units from Lockheed Martin that had previously been part of Loral Corporation. These units had belonged to Lockheed Corporation and Martin Marietta, which had merged three years before in 1993. [6] The company was founded by (and named for) Frank Lanza and Robert LaPenta in partnership with Lehman Brothers. Lanza and LaPenta had both served as executives at Loral and Lockheed. [7]

Acquisitions

1997
2000
2001
2002
2003
2004
2005
2006
2010
2012
2015
2016
2017
2018

Business organization

As of 2017, L3 was organized under four business segments:

Management

Frank Lanza, CEO and co-founder, died on June 7, 2006. CFO Michael T. Strianese was named as interim CEO, and was later appointed Chairman, President and CEO of the company on October 23, 2006. In 2015, former Lockheed Martin executive Christopher E. Kubasik was named president and COO, with Strianese remaining as chairman and CEO. [24] On July 19, 2017, Strianese announced that he would retire as CEO on December 31, 2017, to be succeeded by Kubasik, but would remain as board chairman. [25] As of January 1, 2018, Christopher E. Kubasik became chief executive officer and president of L3 Technologies.

Naming

L3 Technologies was originally named L-3 Communications for the last initials of its founders Frank Lanza, Robert LaPenta, and Lehman Brothers. Despite the similarity in naming, there is no corporate connection between L3 Technologies, formerly known as L-3 Communications, and networking provider Level 3 Communications, whose name is often abbreviated "L3" in informal industry communication.

On December 31, 2016, the company changed its name from L-3 Communications Holdings, Inc. to L3 Technologies, Inc. to better reflect the company's wider focus since its founding in 1997. The company's website changed from L-3com.com to L3T.com, but the company's NYSE ticker symbol of LLL remained the same. [26]

Products

Controversies

Federal contract suspension

In 2010, it was announced that L3's Special Support Programs Division had been suspended by the United States Air Force from doing any contract work for the US federal government. A US Department of Defense investigation had reportedly found that the company had, "used a highly sensitive government computer network to collect competitive business information for its own use." A US federal criminal investigation [29] ended the temporary suspension on July 27, 2010.

Counterfeit parts

On November 4, 2010, L3 issued a part purge notification to prevent future use of Chinese counterfeit parts, but did not notify its customers whose display systems suffered from much higher than expected failure rates. [30]

EOTech defective holographic sights lawsuit

In 2015, L3 Technologies agreed to pay $25.6 million to settle a lawsuit with the U.S. Government. L3 was accused of knowingly providing the U.S. military with optics that failed in extreme temperatures and humid weather conditions. These sights were provided to infantry and special operations forces operating in Afghanistan and Iraq, as well as civilians and law enforcement. [31]

The civil fraud lawsuit was filed by Preet Bharara, in the Southern District of New York. The lawsuit alleged L3 officials have known since 2006 that the holographic sights being sent to Iraq and Afghanistan failed to perform as advertised in extreme temperature ranges. The lawsuit alleges that the FBI independently discovered the thermal drift defect, where the point-of-aim would shift when the sights were exposed to temperature extremes, [31] in March 2015 and presented EOTech with "the very same findings that the company had documented internally for years. Shortly thereafter, EOTech finally disclosed the thermal drift defect to the DoD." According to court documents, EOTech had advertised that its sights performed in temperatures ranging from -40 degrees to 140 degrees Fahrenheit, and in humid conditions. [32]

See also

Related Research Articles

The Lockheed Martin Corporation is an American aerospace and defense manufacturer with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in North Bethesda, Maryland. As of January 2022, Lockheed Martin employs approximately 115,000 employees worldwide, including about 60,000 engineers and scientists.

<span class="mw-page-title-main">Northrop Grumman</span> Aerospace and defense technology corporation

Northrop Grumman Corporation is an American multinational aerospace and defense company. With 95,000 employees and an annual revenue in excess of $30 billion, it is one of the world's largest weapons manufacturers and military technology providers. The firm ranked No. 101 on the 2022 Fortune 500 list of America's largest corporations.

<span class="mw-page-title-main">Raytheon</span> U.S. defense contractor

The Raytheon Company was a major U.S. defense contractor and industrial corporation with manufacturing concentrations in weapons and military and commercial electronics. It was previously involved in corporate and special-mission aircraft until early 2007. Raytheon was the world's largest producer of guided missiles. In April 2020, the Raytheon Company merged with United Technologies Corporation to form Raytheon Technologies, which changed its name to RTX Corporation in July 2023.

United Technologies Corporation (UTC) was an American multinational conglomerate headquartered in Farmington, Connecticut. It researched, developed, and manufactured products in numerous areas, including aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from the U.S. government. In April 2020, UTC merged with the Raytheon Company to form Raytheon Technologies, later renamed RTX Corporation.

<span class="mw-page-title-main">CAE Inc.</span> Canadian company

CAE Inc. is a Canadian manufacturer of simulation technologies, modelling technologies and training services to airlines, aircraft manufacturers, healthcare specialists, and defence customers. CAE was founded in 1947, and has manufacturing operations and training facilities in 35 countries.

BAE Systems Inc. is an American subsidiary of multinational defense, security, and aerospace company BAE Systems plc. The American subsidiary operates under a Special Security Agreement which allows it to work on some of the most sensitive United States defense programs despite its foreign ownership. It is incorporated in Delaware. It employs approximately 35,000 workers within U.S. borders and several thousand more in Israel, South Africa, Sweden and the United Kingdom. Major business lines of BAE Systems Inc. include electronic warfare, sensing and communications equipment; armored vehicles, artillery systems; naval guns and naval ship repair; and cybersecurity and intelligence services.

<span class="mw-page-title-main">Selex ES</span> 2013–2015 subsidiary of Finmeccanica S.p.A.

Selex ES was a subsidiary of Finmeccanica, active in the electronics and information technology business, based in Italy and the UK, and formed in January 2013, following Finmeccanica's decision to combine its existing SELEX Elsag and SELEX Sistemi Integrati businesses into SELEX Galileo, the immediate predecessor of Selex ES. From 1 January 2016, the activities of Selex ES merged into Leonardo-Finmeccanica's Electronics, Defence and Security Systems Sector becoming Leonardo S.p.A.

<span class="mw-page-title-main">EOTech</span> American electro-optic company

EOTECH is an American company that designs, manufactures, and markets electro-optic and night vision products and systems. The company is headquartered in Plymouth, Michigan.

Vertex Aerospace Flight International Aviation is an American airline based in Newport News, Virginia. It is a Part 135 carrier operating contact charters for US government agencies. Flight International has provided the DoD with realistic threat simulation, AIC training, tracking exercises, and targets for surface and aerial gunnery for more than 35 years. Its main base is Newport News/Williamsburg International Airport with a detachment based at North Island Naval Air Station, CA.

The Special Operations Peculiar MODification (SOPMOD) kit is an accessory system for the M4A1 carbine, CQBR, FN SCAR Mk 16/17, HK416 and other weapons used by United States Special Operations Command (USSOCOM) special forces units, though it is not specific to SOCOM. The kit allows US Special Operations Forces personnel to configure their weapons to individual preferences and customize for different mission requirements.

Parker Meggitt is a British international company specialising in components and sub-systems for the aerospace, defence and selected energy markets. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it was acquired by Parker Hannifin in September 2022.

Christopher E. Kubasik is chair and chief executive officer of L3Harris Technologies, a provider of global ISR, communications and networked systems, and electronic systems for military, homeland security and commercial aviation customers. In this position, he is responsible for leading the execution of L3Harris's strategic growth objectives.

<span class="mw-page-title-main">T-X program</span> US Air Force advanced trainer acquisition program

The T-X program is a United States Air Force development and acquisition program for a new two-seat jet trainer to replace the Northrop T-38 Talon. On 27 September 2018, the US Air Force selected the Boeing/Saab T-X entry to become its trainer aircraft. The new aircraft was given the designation and name "T-7 Red Hawk" in September 2019. The Air Force's initial plan is to purchase 351 T-7s, and has an option to purchase up to 475.

Stellant Systems Inc. is a manufacturer of microwave devices for ground-based, airborne and satellite communications and radar. In October 2021, Stellant systems was formed from L3Harris Technologies' Electron Devices and Narda Microwave-West divisions when both were sold to Arlington Capital Partners, a Washington D.C. based private equity firm. The company was initially formed from the former Electron Devices Division (EDD) of the Industrial Electronics Group of the Hughes Aircraft Company, and from Litton Industries' Electron Division, both of which were acquired by L-3 Communications Holdings, Inc. L-3 later merged with Harris Corporation in 2019 to form L3Harris Technologies which was followed shortly by both divisions' sale to Arlington in 2021. Stellant is known for their traveling-wave tubes (TWTs), traveling-wave tube amplifiers (TWTAs), microwave power modules (MPMs) and electronic power conditioners (EPCs) as well as xenon gas ion propulsion systems (XIPS). Since its inception, EDD has produced tens of thousands of TWTs. They are the only U.S. supplier of space-qualified TWTs and TWTAs.

Link Aviation Devices was a manufacturer of aircraft simulators. The company is most notable for inventing the Link Trainer, and is credited with starting the flight simulator industry. It is currently a subsidiary of CAE Incorporated.

Anaren, Inc. was an American manufacturer of high-frequency radio and microwave electronics. Founded in 1967 and headquartered in Syracuse, New York, it was acquired in 2018 by TTM Technologies. Anaren produced RF microelectronics, components, and assemblies for customers in the aerospace and defense, networking, and communications industries, including the wireless and satellite communications sectors.

Veritas Capital Fund Management, L.L.C. is a New York–based private-equity firm founded in 1992 that invests in companies providing critical products and services, primarily technology-enabled products and services, to government and commercial customers worldwide. The firm's first fund closed in 1998. They closed an eighth flagship fund in 2022; in all, Veritas has approximately $45 billion of assets under management. Veritas is led by Ramzi Musallam, the firm's Chief Executive Officer and Managing Partner.

L3Harris Technologies, Inc. is an American technology company, defense contractor, and information technology services provider that produces command and control systems and products, wireless equipment, tactical radios, avionics and electronic systems, night vision equipment, and both terrestrial and spaceborne antennas for use in the government, defense, and commercial sectors.

William M. "Bill" Brown is an American business executive. He became the CEO of 3M on May 1, 2024. Mr. Brown is also the former chairman of L3Harris Technologies, a large defense contracting company. Previously, he was the president, CEO and chairman of Harris Corporation, the company that merged with L3 Technologies to create L3Harris Technologies in 2019.

References

  1. ↑ "Lockheed Martin forms company for non-core businesses". Washington Business Journal . February 3, 1997. Archived from the original on November 28, 2002. Retrieved March 6, 2024.
  2. 1 2 3 4 5 "L3 TECHNOLOGIES, INC. ANNUAL REPORT ON FORM 10-K For the Year Ended December 31, 2016" (XBRL). United States Securities and Exchange Commission. February 23, 2017. Archived from the original on September 10, 2017.
  3. ↑ "L3 Technologies". Fortune. Archived from the original on February 9, 2019. Retrieved November 25, 2018.
  4. 1 2 "Harris Corporation and L3 Technologies Set Closing Date for Merger" (Press release). Harris. June 21, 2019. Retrieved July 3, 2019.
  5. ↑ "Company Profile Archived June 24, 2011, at the Wayback Machine ". L-3 Communications. Retrieved on March 10, 2010.
  6. ↑ "Robert V. LaPenta" L-1 Identity Solutions Archived February 28, 2014, at the Wayback Machine
  7. ↑ "History of L-3 Communications Holdings, Inc. – FundingUniverse". www.fundinguniverse.com. Archived from the original on July 3, 2017. Retrieved June 25, 2017.
  8. ↑ Training, L3 Link Simulation and. "History - L-3 Link Simulation & Training". link.com. Archived from the original on December 23, 2017. Retrieved June 25, 2017.{{cite web}}: CS1 maint: numeric names: authors list (link)
  9. ↑ "L-3 Communications completes acquisition of PerkinElmer detection-systems business". VisionSystems Design. June 18, 2002. Archived from the original on June 29, 2016. Retrieved June 20, 2016.
  10. ↑ "L-3 Communications Acquires Ship Analytics, Inc. - Free Online Library". thefreelibrary.com. Archived from the original on April 13, 2014. Retrieved June 25, 2017.
  11. ↑ "COMPANY NEWS; GOODRICH TO SELL ITS AVIONICS UNIT FOR $188 MILLION". The New York Times. January 30, 2003. Archived from the original on August 7, 2017. Retrieved August 7, 2017.
  12. ↑ "L-3 MAPPS Company details". naval-technology.com. Archived from the original on September 8, 2010. Retrieved January 8, 2011.
  13. ↑ " "L-3 Communications -> Divisions -> TRL Technology". Archived from the original on June 11, 2011. Retrieved February 8, 2016.." L-3 Communications. Retrieved on May 24, 2010.
  14. ↑ "L-3 could spend $1 billion of cash on hand for M&A". Reuters. April 18, 2010. Archived from the original on June 8, 2022. Retrieved June 8, 2022.
  15. ↑ "." Retrieved on November 24, 2014.
  16. ↑ "Goodbye CTC Aviation, hello L3 Airline Academy - Pilot Career News". Pilot Career News. May 15, 2017. Retrieved July 11, 2018.
  17. ↑ "L-3 Acquires MacDonald Humfrey (Automation) Ltd | L-3 Communications". Archived from the original on December 1, 2016. Retrieved November 27, 2016.
  18. ↑ "L3 Acquires Open Water Power, Inc". businesswire.com. May 22, 2017. Archived from the original on June 25, 2017. Retrieved June 25, 2017.
  19. ↑ "L3 Acquires Open Water Power, Inc. | L3 Technologies". Archived from the original on May 13, 2018. Retrieved June 18, 2017.
  20. ↑ "Batteries that "drink" seawater could power long-range underwater vehicles". mit.edu. June 15, 2017. Archived from the original on June 24, 2017. Retrieved June 25, 2017.
  21. ↑ "L3 purchase of Ocean-Serer". April 4, 2017. Archived from the original on November 7, 2017.
  22. ↑ "L3 Strengthens Unmanned Maritime Capabilities With Acquisition of ASV Global". L3 Technologies. September 24, 2018. Archived from the original on December 20, 2018. Retrieved December 19, 2018.
  23. ↑ "Archived copy" (PDF). Archived from the original (PDF) on October 15, 2018. Retrieved October 15, 2018.{{cite web}}: CS1 maint: archived copy as title (link)
  24. ↑ "L3 Chairman and CEO Michael T. Strianese Announces Plan to Retire; Board Elects Christopher E. Kubasik as CEO" (Press release). L3 Technologies. July 19, 2017. Archived from the original on August 18, 2017.
  25. ↑ Farhatha, Ahmed (July 20, 2017). "L3 Technologies CEO to retire, COO to take over". Reuters. Archived from the original on July 20, 2017. Retrieved July 20, 2017.
  26. ↑ "L-3 Communications to Change Name to L3 Technologies, Inc" (Press release). L-3 Communications, Inc. December 6, 2016. Archived from the original on December 15, 2016. Retrieved December 6, 2016.
  27. ↑ Archived July 13, 2011, at the Wayback Machine
  28. ↑ "Omni Secure Terminal" . Retrieved July 17, 2023.
  29. ↑ Hodge, Nathan, "Spotlight On Private Firms At Pentagon", Wall Street Journal , June 12, 2010, p. 4.
  30. ↑ Rajghatta, Chidanand (March 30, 2014). "Did IAF's 'US-made' C-130J Super Hercules that crashed have fake Chinese parts?". indiatimes.com. TNN. Archived from the original on March 30, 2014. Retrieved March 30, 2014.
  31. 1 2 "EOTech Breaks Silence over Defective Sights" Archived July 27, 2016, at the Wayback Machine , Military.com , January 21, 2016. Retrieved on November 8, 2016.
  32. ↑ "US Optic Maker Settles Lawsuit Over Defective Rifle Sights" Archived February 17, 2017, at the Wayback Machine , Military.com , December 2, 2015. Retrieved on * November 2015.

40°44′57″N73°58′33″W / 40.7492°N 73.9757°W / 40.7492; -73.9757

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.