EMCORE Corporation (Nasdaq: EMKR) has completed the acquisition of the L3Harris (NYSE: LHX) Space and Navigation business for approximately $5 million in an all-cash transaction, subject to any net working capital adjustments.
The acquisition provides an immediate contribution of additional scale in this market and expands EMCORE’s inertial navigation product portfolio and addressable market with the addition of navigation and strategic grade gyro and inertial measurement unit products. EMCORE acquired all outstanding assets and liabilities of the L3Harris Space and Navigation business, including all L3Harris intellectual property rights primarily used in the Space and Navigation business, a 110,000 square foot leased production facility in Budd Lake, New Jersey, and associated production equipment.
In addition, the transaction creates partnership opportunities to expand EMCORE’s business with L3Harris, adding EMCORE as a preferred supplier to L3Harris divisions for future business opportunities and resulting in entry into a Master Supply Agreement for the BoRG (Booster Rate Gyro) and TAIMU (Tri-Axial Inertial Measurement Unit) launch vehicle programs.
”We are extremely pleased to welcome Space and Navigation’s expert team, strong brand, inertial technology, and important program wins,” said Jeff Rittichier, President and CEO of EMCORE. “This acquisition allows us to provide customers with an expanded product suite across the tactical, navigation, and strategic grade segments of the market, including the growing launch vehicle and space satellite markets.”
EMCORE Corporation is a leading provider of advanced mixed-signal products that serve the aerospace & defense, communications, and sensing markets. Our best-in-class components and systems support a broad array of applications including navigation and inertial sensing, defense optoelectronics, broadband communications, optical sensing, and specialty chips for telecom and data center. We leverage industry-leading Quartz MEMS, Lithium Niobate, and Indium Phosphide chip-level technology to deliver state-of-the-art component and system-level products across our end-market applications. EMCORE has vertically-integrated manufacturing capability at its wafer fabrication facility in Alhambra, CA, and Quartz MEMS manufacturing facility in Concord, California. The company’s manufacturing facilities maintain ISO 9001 quality management certification as well as AS9100 aerospace quality certified at the firm’s facility in Concord.