REDWOOD CITY, Calif.-California Microwave Inc. has agreed to sell its Satellite Transmission Systems division to L-3 Communications Corp. for $27 million in cash, the company announced.
California Microwave decided to sell its Microwave Networks and Satellite Transmission Systems divisions last June, saying it wanted to focus its resources on “maintaining and expanding its leading market positions in satellite, terrestrial data radio and other wireless product businesses.”
Frederick Lawrence, California Microwave’s chairman and chief executive officer, said, “While the auction process continues for the divestiture of Microwave Networks, the divestiture of STS means that the company has taken a substantial step in executing against the plan we developed at that time to focus on those growing markets.”
No gain or loss is anticipated to be reported on the divestiture expected to close in January, the company said.
