L-3 closing parts of Madison ops

L-3 Vertex Aerospace will close at least a portion of its operations in Madison, Miss., and shift some of those jobs to either Rockwall or Addison, Texas, facilities, according to sources who spoke to Jackson, Miss., Clarion-Ledger newspaper on condition of anonymity. No timetable for the transition was available from the company March 20. L-3 has reorganized some workers to the Madison office that report to Rockwall, according to an internal email. Job postings on the company's website for installations in Rockwall and Addison include positions that are currently in Madison, according to the email. Since August, L-3 launched a review into what it called "accounting matters" resulting from errors and misconduct across its aerospace systems business segment. The inquiry was revealed in an earnings filing with the Securities and Exchange Commission. In the filing, L-3 said it expects to incur an aggregate pre-tax charge of $84 million against operating income and a related reduction in net sales of about $43 million. Contract cost overruns that were inappropriately deferred and overstatements of net sales were the primary cause for the adjustments, the company said. (Source: Clarion Ledger 03/30/15) Central Mississippi Note: Gov. Phil Bryant and 3rd District U.S. Rep. Gregg Harper (R-Pearl) met with L-3 executives in Madison last week. Harper’s spokesman said the visit included discussions of current and future opportunities for L-3's business in Mississippi.