L3T to sell off aero biz & Crestview

NEW YORK - L3 Technologies announced May 1 it has entered into a definitive agreement to sell its Vertex Aerospace business to American Industrial Partners for $540M in cash. Part of the deal include L3 selling its Crestview (Fla.) Aerospace and TCS business units, which are in its Aerospace Systems business segment. The transaction is expected to be finalized this summer - subject to closing conditions and regulatory approvals. Vertex Aerospace provides aviation logistics services, supply chain management, and maintenance, repair and overhaul (MRO) services. Crestview Aerospace provides select rotary aircraft component fabrication and assembly, and TCS provides select engineering services and logistics support. For the year ended December 31, 2017, Crestview Aerospace and TCS generated $115M of net sales. (Source: L3 Technologies 05/01/18) L3 Technologies has operations, beyond Crestview, along the Gulf Coast, including at Madison, Miss.; and an Army Fleet Support facility at Fort Rucker, Ala.