Sparton Corporation (NYSE: SPA) said it has signed a settlement agreement to pay L-3 Communications USD2.5 million.
On September 24, 2013, L-3 Communications, doing business as L-3 Linkabit, filed a complaint in the United States District Court for the Middle District of Florida, Orlando Division, against Sparton Corporation and Sparton Electronics. On August 20, 2015, Sparton and L-3 signed a mutual accord resolving the dispute. The agreement requires payment from Sparton to L-3 on or before October 1, 2015 in consideration for dismissal of the litigation. Neither party admitted to any mistakes, damage or fault.
“This settlement has resulted in a positive business outcome between our two companies,” stated Cary Wood, President & CEO of Sparton.
“We are pleased to have this matter behind us,” commented John Mega, President of L-3´s Communication Systems Business Segment.
Sparton, now in its 116th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment.
Headquartered in New York City, L-3 employs approximately 45,000 people worldwide and is a prime contractor in aerospace systems and national security solutions. L-3 is also a leading provider of a broad range of communication and electronic systems and products used on military and commercial platforms. The company reported 2014 sales of USD12.1 billion.