L-3 to purchase Implant Sciences' explosives trace detection business

L-3 Communications said this week it has agreed to pay $117.5 million for Implant Sciences' explosives trace detection business.

L-3 noted that Implant Sciences has entered into Chapter 11 bankruptcy protection, and the deal will be subject to approval from U.S. Bankruptcy Court. The unit would be incorporated into L-3's security and detection systems division within its electronic systems business.

Implant Sciences told Inside Defense earlier this year that it was weighing potential buyers for its ETD business as it pivots into the hoverboard market.

In fiscal year 2015, Implant Sciences reported nearly $13 million in sales, according to a Securities and Exchange Commission filing. But the company recorded a loss of $21.5 million. In each of the last five years, the company has not turned a profit, the filing shows.