Hamburg, October 15, 2007 - SAM Electronics of Hamburg, a wholly-owned subsidiary of L-3 Communications, New York, has acquired APSS S.r.l. of Italy, a leading supplier to the domestic marine market.
Based in Diano d'Alba, APSS is an acknowledged specialist integrator of automation systems and manufacturer of control components. Customers include high-end Italian shipyards producing cruiseliners, ferries and chemical carriers.
APSS enhances the broad international presence of SAM Electronics and its Danish-based subsidiary Lyngsø Marine. Additionally, together with its strategic partner, L-3 Valmarine of Norway, APSS provides an opportunity for accelerated growth within the marine automation segment. Commenting on the new acquisition, Klaus Lorenz, President of SAM Electronics noted: "It further consolidates L-3 Communications' and SAM Electronics' marine automation expertise while also strengthening our international role as a major supplier of advanced automation systems to the world shipbuilding industry".
APSS has been an important partner with L-3 since 1993. In particular, APSS has enabled L-3 Valmarine to become a market leader in Italy for integrated automation systems (IAS) aboard cruise vessels. "Being now teamed with SAM Electronics and L-3 Communications represents a significant step towards our continued growth", said Ornella Bracco, President of APSS.
To learn more about L-3, please visit the company's web site at www.L-3Com.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates" and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
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