L-3 Communications, a maker of satellite and marine communication equipment, is buying defense contractor Titan for nearly $2 billion in...
Acquisition to grow
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L-3 Communications, a maker of satellite and marine communication equipment, is buying defense contractor Titan for nearly $2 billion in a cash deal that will give it a major stake in servicing U.S. military and intelligence agencies.
San Diego-based Titan is L-3’s largest acquisition to date and will boost the company’s ability to compete as a prime contractor for government business, coming at a time when spending on defense equipment and technology continues to grow.
Frank Lanza, L-3’s chief executive officer, said yesterday that while L-3 and Titan operate in the same business segment, the companies are focused on certain niches that complement — rather than compete with — each other.
Switch to Intel chips
leaves IBM behind
Apple Computer plans to announce Monday that it will start using Intel’s microprocessors and phase out its current chip supplier, IBM, CNet News.com reported yesterday.
The technology news Web site said that Apple plans to move lower-end computers like the Mac Mini to Intel chips in mid-2006 and higher-end models such as the Power Mac in the middle of 2007, CNet said, citing anonymous sources.
Apple’s CEO Steve Jobs is scheduled to deliver a keynote speech on the first day of its annual conference for software developers next Friday, a venue the report said would be appropriate for an announcement that would require significant changes to the way Apple software is written.
Spokesmen from Apple, IBM, Intel and Freescale Semiconductor all declined to comment on the report. Apple also uses Freescale chips.
A judge ordered deadlocked jurors to keep deliberating in the trial of Richard Scrushy yesterday after they reported being unable to reach a verdict on charges accusing the fired HealthSouth CEO of orchestrating the $2.7 billion overstatement of the medical chain’s earnings.
Prosecutors and the defense ruled out any plea deal as the possibility of a mistrial loomed, and both sides predicted victory in the end.
U.S. District Judge Karon Bowdre told the jurors, “If you should fail to agree on a verdict, the case is left open and must be tried again.”
to resume Monday
Jurors in the criminal trial of former Tyco International CEO Dennis Kozlowski and ex-finance chief Mark Swartz adjourned yesterday without reaching a verdict and were set to resume deliberations next week.
In their second day of deliberations, the panel heard read-backs of the testimony of five former Tyco board members concerning their knowledge of a 1999 loan-forgiveness program at the conglomerate. The jurors also asked the court for a list of all of the exhibits presented during the trial, which they are expected to get on Monday.
Prosecutors contend that Kozlowski, 58, and Swartz, 44, stole more than $150 million in secretly forgiven loans and unauthorized bonuses from the company.
Compiled from The Associated Press and Reuters