L-3 Buys Miteq for $41 Million
[Via Satellite 01-23-2015] L-3 Communications has acquired Miteq, manufacturer of specialized RF microwave products and solid-state components for satellite communications, for $41 million, subject to customary adjustments. Miteq will be merged with L-3’s Narda Microwave-East business, which will be renamed L-3 Narda Miteq.
L-3 expects the Miteq acquisition to create roughly $60 million in sales for the year ending Dec. 31. The new Narda-Miteq business will focus on products for the U.S. military and government agencies, prime contractors and other commercial customers. Narda-Miteq will employ approximately 700 people.