L-3 To Sell Marine Systems

L-3 Communications said today it has entered into an agreement with Wartsila Corp. to sell its marine systems business for about $280 million.

The purchase price includes an estimated reduction for employee pension-related liabilities to be assumed by Wartsila, L-3 said. The marine systems unit is headquartered in Germany and primarily focused on the commercial ship industry. The unit is expected to produce 2014 sales of about $500 million.