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CALIFORNIA / News and Insight on Business in the
Golden State
| THE STATE / TECHNOLOGY

Condor Systems to Buy Litton Division

October 20, 1998| Bloomberg News

Litton Industries Inc. agreed to sell its Applied Technology division to Condor Systems Inc. for about $120 million in cash as the aerospace, defense and commercial electronics company pursues higher-growth markets. The Applied Technology division, which supplies threat-warning systems for military markets around the world, had about $130 million in revenue for its fiscal year ended July 31, Litton said. San Jose-based Applied Technology employs 600 people, most of whom would be offered positions by closely held Condor, which is also based in San Jose. Litton said it expects no gain or loss from the transaction. Litton, a maker of electronics, naval destroyers and helicopter carriers, is looking to expand its defense electronics and information technology business. Shares in Woodland Hills-based Litton fell 6 cents to close at $64.13 on the NYSE.

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