L-3 Communications
Headquarters:
600 Third Avenue
New York, NY 10016
(212) 697-1111
Employees: 44,200
CEO: Frank Lanza
Stock Symbol: LLL
Website: http://www.l-3com.com
Career
Page
L-3 Communications is a leading defense
contractor specializing in Intelligence, Surveillance and Reconnaissance
(ISR) systems and products, secure communications systems and
products, avionics and ocean products, training devices and services,
microwave components and telemetry, instrumentation, space and
navigation products.
Customers include the Department of Defense,
Department of Homeland Security, selected U.S. Government intelligence
agencies, aerospace prime contractors and commercial telecommunications
and wireless customers.
L-3 has operations throughout the U.S.
and offices worldwide.
With the war on terrorism, L-3 is getting
record orders and revenues for its products. In 2004, the company
reported revenues of $6.8 billion and operating income of $748.6
million.
History
In 1997, Frank Lanza and Robert LaPenta
decided to form a business that could serve as a leading mezzanine
company in the defense electronics and communications industry.
They had each spent decades in the defense industry, serving
as part of the executive team responsible for the phenomenal
growth of Loral Corporation. At the same time, there were massive
changes in the industry, resulting from dramatic declines in
the U.S. defense budgets since the mid-1980s.
Depite consolidation in the industry, there
is opportunity. First, budgetary challenges are altering the
way the Department of Defense(DoD) spends its resources. Rather
than investing in new programs, the DoD is focusing its resources
on enhancing its military readiness, joint operations, and on
multiple mission capabilities. Those requirements increase the
need to incorporate advanced electronics to improve military
equipment performance and to extend the life expectancy of existing
and future platforms. Second, defense/aerospace prime contractors
are becoming increasingly competitive in their efforts to get
more defense dollars. As a result, they are growing reluctant
to purchase products, components and sub-systems from one another
to support their platforms. In addition, the need for cost-consciousness
in purchasing these products and the growing use of off-the-shelf
products is making it more attractive to rely on mezzanine companies
as suppliers.
As a result, Lanza and LaPenta, in conjunction
with Lehman Brothers and Lockheed Martin decided to form a mezzanine
company - L-3 Communications - that would be the supplier of
choice for prime contractors. In establishing the company, several
advanced electronics businesses were purchased that were part
of the Lockheed Martin, Loral Corporation merger that occurred
in 1996. Also purchased from Lockheed Martin was a division located
in Camden, NJ that had been part of GE.
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