Michael Strianese
L-3 Communications has reorganized its cyber, intelligence and security solutions businesses after its government services group completed its spinoff into a independent and publicly traded company known as Engility.
The three businesses have combined to form a new National Security Solutions group, which will provide solutions for the Defense Department, the intelligence community and global security customers.
For more on Engility’s operations, check out our coverage on GovCon Wire.
“We believe that this transaction positions both L-3 and Engility to capitalize on their strengths, pursue new business opportunities, and become leaders in their respective markets,” said L-3 Chairman, President and CEO Michael T. Strianese.
“Following the transaction, L-3 will have a sharper focus on areas that are core to our strategy of providing market-leading, value-added products and solutions to our customers,” he added, noting that the company is concentrating in areas that will “that are priorities in the current environment and will remain priorities in the future.”
L-3 said in its announcement that it will report Engility financial results as discontinued operations beginning with the third quarter of L-3′s 2012 year and apply that designation to all prior periods.
Shareholders of record on July 16 have received one share of Engility common stock for every six shares of L-3 common stock.
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