L-3 Successfully Completes Spin-Off of Engility

Post Date: July 17, 2012 | Category: Around the World

L-3 Successfully Completes Spin-Off of EngilityL-3 Communications announced today that it has successfully completed the previously announced spin-off of its subsidiary, Engility. L-3 shareholders of record as of July 16, 2012 received one share of Engility common stock for every six shares of L-3 common stock held on the record date.

The spin-off has been structured to qualify as a tax-free distribution to L-3 shareholders for U.S. federal tax purposes, except for cash received in lieu of fractional shares. Following the spin-off, L-3 will report Engility financial results as discontinued operations beginning with L-3's 2012 third quarter, along with all prior periods.

“I am pleased to announce the completion of the spin-off, and the beginning of an exciting new chapter for both L-3 and Engility,” said Michael T. Strianese, chairman, president and chief executive officer of L-3. “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. We thank everyone at Engility for their contributions to L-3 and for their dedicated service to their customers, and wish them continued success in the years to come.”

L-3 has retained its cyber, intelligence and security solutions businesses, which will collectively be called National SecuritySolutions going forward. These businesses develop unique solutions to address growing challenges for U.S. Department of Defense, intelligence and global security customers.

“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,” continued Mr. Strianese. “Our capabilities are well-positioned within areas that are priorities in the current environment and will remain priorities in the future. Looking ahead, we will continue to execute against our strategic goals, generating value for both our customers and our shareholders.”

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