L3 and Harris merger completes
Harris and L3 Technologies have completed the all-stock merger of the two companies, now operating as L3Harris Technologies.
L3Harris will be headquartered in Melbourne, Florida, and is now the sixth largest defence company in the US, and a top 10 defence company worldwide with some $17 billion in revenue and 50,000 employees, including 20,000 engineers and scientists.
The new board of directors consists of 12 members, and the company will be led by William Brown as chairman and CEO, and Christopher Kubasik as vice chairman, president and COO.
L3Harris has organised the business into four divisions, namely Integrated Missions Systems, Space and Airborne Systems, Communications Systems, and Aviation Systems.
‘We’ve created an agile technology provider with the scale, resources and capabilities to provide affordable, innovative and rapidly fielded solutions to address our customers’ critical mission needs,’ Brown said.
‘Each member of our board and leadership team brings decades of experience, and I look forward to working with them to capture the targeted synergies and create significant value for our shareholders.’
‘Our seasoned segment leaders and mission-focused operating structure will enable us to leverage our broad range of capabilities and complementary technologies to deliver advanced solutions and capture opportunities across multiple domains,’ Kubasik added.
Shares of Harris stock that were floating on the New York Stock Exchange under the HRS ticker have begun trading as LHX, while L3 Technologies shares ceased trading at close of business on 28 June, and have been converted into 1.3 L3Harris shares per L3 share.
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