Harris Corporation and L3 Technologies Unveiled Their Merger of Equals
MELBOURNE, Florida and NEW YORK, N.Y., the USA (BulgarianMilitary.com) – On 14th October 2018, Sunday, Harris Corporation and L3 Technologies unveiled their merger of equals. That merger establishes a global defence technology leader with a broad portfolio of capabilities and increased scale, which will successfully meet the increasing customer needs and requirements. The name of the combined company will be “L3 Harris Technologies” and its headquarters will be in Melbourne, Florida, learned BulgarianMilitary.com
The merger is expected to close in the middle of next year.
The combined company, L3 Harris Technologies, Inc., will be the 6th largest defence company in the USA and a top 10 global defence company with approximately 48,000 employees and customers in over 100 countries. It will be more cost competitive and its leadership in RF and spectrum technologies will be significantly enhanced. Its activity will be focused on developing differentiated and mission critical solutions across multiple domains of air, sea, land, space and cyber.
William M. Brown, Harris Chairman, President and Chief Executive Officer, commented, “This transaction extends our position as a premier global defence technology company that unlocks additional growth opportunities and generates value for our customers, employees and shareholders. Combining our complementary franchises and extensive technology portfolios will enable us to accelerate innovation to better serve our customers, deliver significant operating synergies and produce strong free cash flow, which we will deploy to drive shareholder value. Integration planning is already underway, and from our extensive experience with integration, we are confident in our ability to realize $500 million of annual gross cost synergies and $3 billion of free cash flow by year 3.”
And the comment of Christopher E. Kubasik, L3 Chairman, President and Chief Executive Officer, was, “This merger creates greater benefits and growth opportunities than either company could have achieved alone. The companies were on similar growth trajectories and this combination accelerates the journey to becoming a more agile, integrated and innovative non-traditional 6th Prime focused on investing in important, next-generation technologies. L3 Harris Technologies will possess a wealth of technologies and a talented and engaged workforce. By unleashing this potential, we will strengthen our core franchises, expand into new and adjacent markets and enhance our global presence.”
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Source: Harris Corporation, L3 Technologies