 L-3 Communications Corporation (NYSE:LLL)Company Description:In 1997, Frank C. Lanza and Robert V. LaPenta decided to form a business that could serve as a leading mezzanine company in the defense electronics and communications industry. They had each spent decades in the defense industry, serving as part of the executive team responsible for the phenomenal growth of Loral Corporation. At the same time, there were massive changes in the industry, resulting from dramatic declines in the U.S. defense budgets since the mid-1980s.Despite consolidation in the industry, there is opportunity. First, budgetary challenges are altering the way the Department of Defense(DoD) spends its resources. Rather than investing in new programs, the DoD is focusing its resources on enhancing its military readiness, joint operations, and on multiple mission capabilities. Those requirements increase the need to incorporate advanced electronics to improve military equipment performance and to extend the life expectancy of existing and future platforms. Second, defense/aerospace prime contractors are becoming increasingly competitive in their efforts to get more defense dollars. As a result, they are growing reluctant to purchase products, components and sub-systems from one another to support their platforms. In addition, the need for cost-consciousness in purchasing these products and the growing use of off-the-shelf products is making it more attractive to rely on mezzanine companies as suppliers. As a result, Lanza and LaPenta, in conjunction with Lehman Brothers and Lockheed Martin decided to form a mezzanine company - L-3 Communications - that would be the supplier of choice for prime contractors. In establishing the company, several advanced electronics businesses were purchased that were part of the Lockheed Martin, Loral Corporation merger that occurred in 1996. Also purchased from Lockheed Martin was a division located in Camden, NJ that had been part of GE. L-3 Communications opened its doors with leadership businesses in secure communication systems, avionics, displays, microwave components and telemetry and instrumentation products. Each business was either number one or number two in their niche segment. Some of the company's well-known brand names are Fairchild Aviation Recorders and the Narda catalog of microwave products. There were also new commercial technologies resulting from its proprietary technologies, including fixed wireless loop equipment, explosion detection systems and medical imaging and archiving equipment. Worldwide Headquarters:
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