L3 Technologies Inc. said Tuesday it has agreed to sell its Vertex Aerospace business to American Industrial Partners L.P. for $540 million in cash.
The New York.-based technology company said it will use the proceeds from the deal, expected to be completed this summer, to invest in the continued growth of the company.
L3 Technologies said it will also sell its Crestview Aerospace and TCS business units, which are included in its aerospace division, adding that it expects to record a gain on the sale.
The company also said that, in the first quarter of 2018, it earned a quarterly profit of $203 million, or $2.54 a share, compared with $164 million, or $2.07, for the same period last year. Analysts expected a profit of $158 million, or $1.98 a share, according to FactSet.
Sales rose to $2.37 billion, from $2.32 billion from the year earlier.