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FUNA International
1570 NW 165 Street
Miami, FL 33169, USA
Tel.: +1 305.622.2878
Fax: +1 305.622.2872
News
For Immediate Release
Contact: Brian Paiva
FUNA +1 305.622.2878
FUNA Announces Acquisition of MAVCO
MIAMI, USA, June 25, 2012 -- Miami-based FUNA International, a subsidiary of SAM Electronics, an L-3 Communications company, announced that it finalized the acquisition of substantially all of the assets of MAVCO, Inc. on April 12. MAVCO, a leading provider of integrated low-voltage electrical system solutions for marine- and land-based applications worldwide, will be integrated into FUNA's existing operational structure to deliver expanded capabilities to its customer base. The terms of the transaction were not disclosed.
Established in 1962, MAVCO specializes in audio, video, lighting, public address, broadcast and security systems. MAVCO's headquarters in Miami houses its management, design, engineering, sales and logistics departments in addition to repair workshops and extensive fabrication areas. The company also maintains an engineering office in Worcestershire, U.K. As a part of the acquisition, the MAVCO name will be integrated into the new, now larger, FUNA brand.
"MAVCO is proud to be joining the L-3 and FUNA family," said John Timinsky, president of former MAVCO and new executive vice president within the now larger FUNA organization. "The acquisition expands our portfolio of products and services, providing us with greater resources to better serve our customers. MAVCO is a natural fit with FUNA's current business."
"We are excited to have MAVCO join the FUNA and L-3 team," said Rex R. Stull, president of FUNA. "MAVCO also brings a new set of customers to FUNA, as well as experience with several specialized markets, such as courts, and local, state and federal government agencies."
FUNA is a global design, engineering, integration and consulting firm that employs more than 200 professionals in 10 international locations. The company was founded in 1972, and its headquarters are located in Emden, Germany. FUNA has over 39 years of experience in integrating a variety of complex systems spanning numerous projects, from the cruise, mega-yacht and offshore industries to comprehensive land-based applications. Its extensive maritime expertise encompasses all types of vessels, including 8 of the 10 largest cruise ships currently afloat, as well as 25 of the 100 largest superyachts in the world. FUNA is ISO 9001 certified in Germany and Finland, and is in the process of receiving certification in the United States. To learn more about FUNA, please visit its website at www.FUNA.com.
Comprising 25 operating companies, L-3 Marine & Power Systems (L-3 M&PS) is a worldwide leader in maritime automation and control, navigation, communications, dynamic positioning, and power distribution and conditioning for the U.S. Navy, allied foreign navies and commercial customers worldwide. With over 80 locations in 20 countries, L-3 M&PS is a cohesive, global partner with extensive capabilities and a proven track record in delivering the highest level of technology, service and integration. To learn more about L-3 Marine & Power Systems, please visit its website at www.L-3com.com/MPS.
Headquartered in New York City, L-3 employs approximately 61,000 people worldwide and is a prime contractor in C3ISR (Command, Control, Communications, Intelligence, Surveillance and Reconnaissance) systems, aircraft modernization and maintenance, and government services. L-3 is also a leading provider of a broad range of electronic systems used on military and commercial platforms. The company reported 2011 sales of $15.2 billion. To learn more about L-3, please visit the company's website at www.L-3com.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. Statements that are predictive in nature, that depend upon or refer to events or conditions or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "will," "could" and similar expressions are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-Looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
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