EMCORE Corporation Expands portfolio with Strategic Acquisition
In a meaningful move, EMCORE Corporation has finalized the purchase of the L3Harris space and Navigation division for around $5 million in a cash-only deal, pending any adjustments related to net working capital.
Enhancing Market presence and Product Range
This acquisition not only boosts EMCORE’s market presence but also broadens its range of inertial navigation products. The integration of navigation-grade gyroscopes and Inertial Measurement Units (IMUs) enhances EMCORE’s offerings and opens up new market opportunities.
Comprehensive Asset Acquisition
as part of the deal,EMCORE has taken over all assets and liabilities associated with the L3Harris Space and Navigation division. this includes valuable intellectual property primarily utilized in this sector, a 110,000 square foot leased manufacturing facility located in Budd Lake, new Jersey, along with the necesary production equipment.
Forging New Partnerships
This transaction paves the way for collaborative opportunities with L3Harris, positioning EMCORE as a preferred supplier for various divisions within the company.This partnership will led to a Master Supply Agreement for key programs, including the Booster Rate Gyro (BoRG) and the Tri-Axial Inertial Measurement Unit (TAIMU) for launch vehicles.
Leadership Insights
“We are thrilled to welcome the talented team from Space and Navigation, along with their esteemed brand and advanced inertial technologies,” stated Jeff Rittichier, President and CEO of EMCORE. “This acquisition empowers us to offer a more comprehensive product range across tactical, navigation, and strategic segments, notably in the expanding markets for launch vehicles and space satellites.”
