Through this agreement, Emcore will be added as a preferred supplier to L3Harris for future business opportunities.
Emcore Corporation, a provider of sensors for navigation in the aerospace and defense market, has entered into a definitive agreement to acquire the assets and liabilities of the L3Harris Space and Navigation Business for approximately $5m in an all-cash transaction.
Commenting on the acquisition, Jeff Rittichier, President and CEO of Emcore, said: “L3Harris Space and Navigation designs and builds some of the most accurate navigation products in the world. This acquisition expands our Fiber Optic Gyroscope (FOG) product portfolio into the Strategic Grade and Space-Qualified markets. We will also gain a technical team with a sterling track record of development and production of high-performance FOGs, Ring Laser Gyros (RLGs), and reaction wheels.”
Rittichier added: “This acquisition further solidifies Emcores position as one of the largest independent inertial navigation providers in the industry. This is an excellent fit strategically for Emcore, bringing Space and Navigations strong brand, inertial technology, and important program wins. It also expands Emcores market reach into launch vehicle and space satellite markets, both of which are seeing significant growth.”
Albert Lu, Senior Vice President and General Manager, Aerospace and Defense for Emcore, stated: “The L3Harris Space and Navigation team will provide Emcore with the capability to accelerate expansion into a true navigation grade FOG business with superior performance and accuracy compared to competitors. Combining this business into Emcore will allow us to provide customers with an expanded product suite that serves a broader range of requirements across both the tactical and navigation grade segments of the market.”
Emcore to be added as a preferred supplier to L3Harris divisions for future business opportunities
Through the transaction, Emcore will acquire all the intellectual property, and outstanding assets and liabilities of the L3Harris Space and Navigation business, including the 110,000 square foot leased production facility in Budd Lake, NJ. The consummation of the transaction is subject to customary closing conditions and is currently expected to close in the quarter ending June 30, 2022.
