Combat Propulsion Systems: L3 Awarded Vehicle Transmission Contract Supporting the Republic of Korea Army
NEW YORK, February 23, 2017
L3 Technologies (NYSE:LLL) announced today that it has received a contract to provide 800-horsepower transmission kits for the Republic of Korea Army's K21 Next-Generation Infantry Fighting Vehicle and the Light Recovery Vehicle programs. L3 has supported the country's armed forces with advanced military vehicle transmission systems since 1999. The award is initially valued at $17.3 million, with product deliveries expected to begin in the third quarter of 2017 and be completed by 2019.
"We are pleased to receive this important award, which builds on our long-standing partnership with the Republic of Korea by delivering L3 systems that are the most widely used, battle-proven combat vehicle transmissions in the medium-weight class today," said Michael T. Strianese, L3's Chairman and Chief Executive Officer. "This win exemplifies L3's focus on forming enduring customer relationships and providing enabling, high-technology products. Also, this contract expands our international business in markets that offer new and follow-on opportunities."
Work will be done by L3's Combat Propulsion Systems division, which is part of the Power & Propulsion Systems sector within the Electronic Systems business segment. L3 Combat Propulsion Systems, located in Muskegon, Michigan, is a Manufacturing Center of Excellence, providing heavy manufacturing to allied militaries worldwide, with a focus on engines and transmissions for ground combat vehicles.
Headquartered in New York City, L3 Technologies employs approximately 38,000 people worldwide and is a leading provider of a broad range of communication and electronic systems and products used on military, homeland security and commercial platforms. L3 is also a prime contractor in aerospace systems, security and detection systems, and pilot training. The company reported 2016 sales of $10.5 billion. To learn more about L3, please visit the company's website at www.L3T.com. L3 uses its website as a channel of distribution of material company information. Financial and other material information regarding L3 is routinely posted on the company's website and is readily accessible.
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