L3 expects to close sale of Vertex in mid-2018

By Marjorie Censer / November 29, 2017 at 4:12 PM

L3 Technologies expects to sell its Vertex Aerospace unit in the middle of next year, the company's chief financial officer said today.

Speaking at a Credit Suisse conference, Ralph D'Ambrosio said the company has begun the sales process. Last month, L3 executives confirmed the contractor had concluded a strategic review of Vertex, which specializes in aerospace sustainment and support, and opted to sell it.

"I expect that sometime toward the middle of next year we’ll complete that process," D'Ambrosio said.

Vertex "is a very solid company in their space so I think it will be a very desirable asset for any of its near-peers," he added. "We want to focus our attention and our resources on the stronger businesses, and that's why we've decided to divest Vertex."