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COM DEV - Acquires Passive Microwave Devices Product Line From L-3 Communications

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Com Dev
: 15 February, 2008  (Company News)
$12.2 million transaction accelerates Company's entry into US Government Space market
COM DEV USA, LLC, a subsidiary of COM DEV International Ltd. has announced that it has reached an agreement with L-3 Communications to acquire the Passive Microwave Devices product line of L-3 Communications Electron Technologies Inc. (referred to in this news release as 'ETI-PMD') for $12.2 million. (All figures are expressed in US dollars.) The ETI-PMD group has a 35 year history as a key supplier to the US space market and has a contract backlog which includes a number of legacy contracts on major ongoing US government and commercial satellite programs. ETI-PMD's 65 employees and its assets and equipment will be transferred from their existing location in Torrance, CA to COM DEV's recently purchased production facility in El Segundo, CA, approximately 10 miles away.

'The acquisition of a business with an established revenue stream accelerates our entry into the US Government space market, and vaults COM DEV into a leadership position among US suppliers of passive microwave equipment for space,' said John Keating, CEO of COM DEV International. 'We think this business is a great fit with our core capabilities and strategic objectives, and we plan to grow it aggressively. I'd like to extend a warm welcome to the team of highly skilled and experienced employees who will be joining our Company.'
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