Company:Engility

From HandWiki
Engility Holdings, Inc.
TypePublic
NYSE: EGL
S&P 600 Component
FoundedJuly 2011; 12 years ago (2011-07)
Headquarters
Chantilly, Virginia
,
U.S.
Area served
United States
Key people
Lynn Dugle (CEO)
RevenueDecrease $1.93 billion (2017)
Decrease-$35.2 million (2017)
Number of employees
11,000 (January 2015)
SubsidiariesTASC, Inc.
Websitewww.engility.com

Engility Holdings, Inc. is an American publicly-traded company that provides engineering and logistics services to several United States military and civilian agencies. The company based in Chantilly, Virginia was formed in 2012 as a spin-off of the services division of L-3 Communications Holdings. As of 2017, Engility reports an annual revenue of about $2 billion. On September 10, 2018, Science Applications International Corporation (SAIC) announced it was buying Engility for about $2.5 billion.[1]

History

Engility, previously known as L-3 Services, Inc., became an independent publicly-traded corporation in July 2012 as part of a spin-off transaction by L-3 Communications Corporation. At the time of the spin-off, the new company was estimated to have an annual revenue of $1.6 to $2 billion and employed about 9,000 to 10,000 people.[2][3] The L-3 Services Group EVP, Tony Smeraglinolo, was announced as the CEO of the new defense contractor firm.[2] Following the spin-off from its New York City -based parent company, Engility established its headquarters in Chantilly, Virginia, in the Washington metropolitan area. The new company acquired much of L-3's services business, while its former parent company retained most of the products business.[3]

In January 2013, the Associated Press reported that Engility had paid a $5.28 million settlement to 71 former inmates of Abu Ghraib prison.[4] The company had inherited lawsuits from L-3 Services Group which in turn had inherited them when L-3 Communications acquired Titan Corporation.[5][6] The contract with the U.S. Military called for Titan to provide translators to support the personnel in the Iraqi prison.[4]

In December 2013, Engility agreed to acquire the Andover, Massachusetts,-based Dynamics Research Corporation.[7] Valued at $120.9 million,[8] the deal was completed in January 2014, beginning a full integration of the two companies.[9]

In October 2014, Engility announced that it planned to acquire another Chantilly, Virginia-based defense contractor, TASC, Inc.[10] Kohlberg Kravis Roberts and General Atlantic, the private equity firms which previously owned TASC, gained a 51% stake in Engility Holdings as part of the merger.[11] The all-stock acquisition deal was valued at $1.1 billion.[12] Engility completed the acquisition of its rival in February 2018 with the final price for the deal reported as $1.3 billion.[13] After the merger, the company announced that TASC's chief executive, John Hynes, had joined Engility as the chief operating officer. The TASC brand remained in operation as a subsidiary of Engility.[12][14]

Operations

Since the spin-off from L-3, Engility has been based in Chantilly, Virginia, located in the Washington metropolitan area.[3] In March 2013, Engility implemented a significant reduction in its auxiliary workforce, cutting about 40 percent of its accounting, human resources, and payroll departments, reducing its total of 7,800 employees by 4%.[15] After the merger with TASC in early 2015, however, the company was estimated to employ about 11,000 people, of which 4,000 are located near the nation 's capital.[13]

As of March 2016, the Engility appointed a former Raytheon employee Lynn Dugle as chief executive.[16] In June 2017, the company eliminated the positions of President and COO previously-held by former-TASC CEO John Hynes who also left the company at the same time.[17] That same month, the company won a contract from the US Air Force to consult on review and evaluation of the space vehicles and missile equipment located at Los Angeles Air Force Base .[18] In November 2017, the US Navy granted Engility a modernization contract valued at $30 million.[19] In March 2018, Engility reported a revenue of $1.93 billion and net loss of $35.2 million in the previous year.[20]

References

  1. ↑ "SAIC to Acquire Engility Uniting Two Leading Technology Integrators | SAIC" (in en). https://investors.saic.com/press-release/acquisition/saic-acquire-engility-uniting-two-leading-technology-integrators. 
  2. ↑ 2.0 2.1 De la Merced, Michael J. (July 28, 2011). "L-3 to Spin Off a Government Services Unit" (in en-US). DealBook (The New York Times). https://dealbook.nytimes.com/2011/07/28/l-3-to-spin-off-a-government-services-unit/. 
  3. ↑ 3.0 3.1 3.2 Censer, Marjorie (2012-07-17). "Engility spins off from L-3 Communications" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/engility-spins-off-from-l-3-communications/2012/07/17/gJQA5ZLgrW_story.html. 
  4. ↑ 4.0 4.1 Cushman, John H. Jr (2013). "Contractor Settles Case in Iraq Prison Abuse" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2013/01/09/world/middleeast/contractor-settles-case-in-iraq-prison-abuse.html. 
  5. ↑ Associated Press; Herschaft, Randy (January 8, 2013). "Defense contractor paid $5M to Iraqis over Abu Ghraib" (in en). USA Today. https://www.usatoday.com/story/news/world/2013/01/08/abu-ghraib-payments-5-million/1818945/. 
  6. ↑ Censer, Marjorie (2013-01-09). "Abu Ghraib scandal continuing to create repercussions for contractors" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/abu-ghraib-scandal-continuing-to-create-repercussions-for-contractors/2013/01/09/88e0f0ce-5a70-11e2-9fa9-5fbdc9530eb9_story.html. 
  7. ↑ Censer, Marjorie (2013-12-23). "Consolidation looms as Engility picks up DRC" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/engility-to-buy-dynamics-research-for-about-120-million/2013/12/23/4e58c2da-6bd9-11e3-a523-fe73f0ff6b8d_story.html. 
  8. ↑ Mason, Everdeen (2013-12-23). "Engility Holdings to Acquire Dynamics Research for $120.9 Million" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/engility-holdings-to-acquire-dynamics-research-for-1209-million-1387800624. 
  9. ↑ Censer, Marjorie (2014-02-07). "After 18 months reshaping, Engility seeks growth in DRC acquisition" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/after-18-months-reshaping-engility-seeks-growth-in-drc-acquisition/2014/02/07/a812d776-8cf8-11e3-98ab-fe5228217bd1_story.html. 
  10. ↑ Ajmera, Ankit; Mehta, Tanvi (October 28, 2014). "U.S. government contractor Engility to buy TASC for about $1.1 billion" (in en-US). Reuters. https://www.reuters.com/article/us-tasc-offer-engility/u-s-government-contractor-engility-to-buy-tasc-for-about-1-1-billion-idUSKBN0IH27A20141028. 
  11. ↑ Cameron, Doug; Beckerman, Josh (October 28, 2014). "Engility, TASC to Merge in $1.1 Billion All-Stock Deal" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/government-services-contractor-engility-to-buy-tasc-for-1-1-billion-1414529932. 
  12. ↑ 12.0 12.1 Jayakumar, Amrita (2014-10-28). "Engility to acquire TASC for $1.1 billion" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/engility-to-acquire-tasc-for-11-billion/2014/10/28/f7f78810-5edd-11e4-91f7-5d89b5e8c251_story.html. 
  13. ↑ 13.0 13.1 Jayakumar, Amrita (2015-02-26). "Engility, TASC complete $1.3B merger" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/engility-tasc-complete-11b-merger/2015/02/26/e6ea0dd0-bd43-11e4-bdfa-b8e8f594e6ee_story.html. 
  14. ↑ Jayakumar, Amrita (2015-03-01). "In tough times, going bigger is better, says federal services provider Engility" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/in-tough-times-going-bigger-is-better-says-federal-services-provider-engility/2015/02/27/a644d5c4-bdf4-11e4-b274-e5209a3bc9a9_story.html. 
  15. ↑ Censer, Marjorie (2013-03-24). "Engility reshaping for tighter times" (in en-US). Washington Post. ISSN 0190-8286. https://www.washingtonpost.com/business/capitalbusiness/engility-reshaping-for-tighter-times/2013/03/22/cbde62ae-8c06-11e2-b63f-f53fb9f2fcb4_story.html. 
  16. ↑ Ajmera, Ankit (March 1, 2016). "Engility appoints Raytheon Co executive Lynn Dugle as CEO" (in en-US). Reuters. https://www.reuters.com/article/us-engility-hldg-moves-ceo/engility-appoints-raytheon-co-executive-lynn-dugle-as-ceo-idUSKCN0W34M0. 
  17. ↑ Wakeman, Nick (June 26, 2017). "Engility eliminates COO, president position" (in en). https://washingtontechnology.com/blogs/editors-notebook/2017/06/engility-hynes-departure.aspx. 
  18. ↑ Williams, Paige (2017-08-08). "Engility will provide consulting for US Air Force space programs" (in en-US). Defense News. https://www.defensenews.com/space/2017/06/16/engility-will-provide-consulting-for-us-air-force-space-programs/. 
  19. ↑ Richman, Jackson (2017-11-28). "Navy awards $30M modernization contract to Engility" (in en-US). Defense News. https://www.defensenews.com/industry/2017/11/28/navy-awards-30m-modernization-contract-to-engility/. 
  20. ↑ Associated Press (March 1, 2018). "Engility Holdings reports 4Q loss" (in en-US). Yahoo Finance. https://finance.yahoo.com/news/engility-holdings-reports-4q-loss-220716426.html. 

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