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Merged L3Harris Becomes Florida's 8th Largest Company

July 1, 2019 - 3:15pm
Bill Brown, Harris CEO, announces the merger
Bill Brown, Harris CEO, announces the merger

On Monday L3Harris Technologies was born, the product of one of the largest mergers in aerospace and defense industry history. What the union has done is bring together the Harris Corporation and L3 Technologies, creating Florida’s largest A&D company and the eighth largest company based in the state.

Headquartered in Melbourne, L3Harris has $17 billion in annual revenues and 50,000 employees worldwide -- including 8,400 in the state. The company has 40 Florida locations and annually provides more than $840 million in direct wages and $125 million in R&D funding in the region.

L3Harris’ technology is also widely used throughout Florida to support the region’s space program, state agencies, weather forecasters, first responders, pilots and military. The company and its employees are major community supporters -- contributing millions of dollars and thousands of hours to various education and other organizations.

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions designed to meet customers’ mission-critical needs. 

The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $17 billion in annual revenue and 50,000 employees, with customers in 130 countries.

Shares of Harris common stock, which traded on the NYSE under the ticker symbol “HRS”, will begin trading today under the ticker symbol “LHX”. L3 Technologies (NYSE:LLL) shares ceased trading upon market close on June 28 and have converted into 1.3 L3Harris shares for each L3 share.

L3Harris’ new board of directors includes 12 members "with a deep understanding of Harris and L3 businesses, a diverse mix of background, skills and experience, and a track record of driving long-term shareholder value ," Jim Burke, the corporation's global public relations director, said in a press statement. 

The L3Harris board members, drawn equally from Harris and L3, are the following:

  • William M. Brown – chairman and CEO, L3Harris

  • Christopher E. Kubasik – vice chairman, president and COO, L3Harris

  • Sallie B. Bailey – former EVP and CFO, Louisiana-Pacific

  • Peter. W. Chiarelli – general, U.S. Army, retired

  • Thomas A. Corcoran – former president and CEO, Allegheny Teledyne

  • Thomas A. Dattilo – former chairman, CEO and president, Cooper Tire & Rubber

  • Roger B. Fradin – former vice chairman, Honeywell

  • Lewis Hay III – former chairman and CEO, NextEra Energy

  • Lewis Kramer – retired partner, Ernst & Young

  • Rita S. Lane – former vice president, operations, Apple

  • Robert B. Millard – chairman, MIT Corporation

  • Lloyd W. Newton – general, U.S. Air Force, retired

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L3Harris has organized its operating businesses into four segments to meet customers’ mission requirements and leverage the combined company’s broad technical capabilities: 

  • Integrated Mission Systems — led by Sean Stackley, headquartered in Palm Bay, with approximately $4.9 billion in revenue. Includes intelligence, surveillance and reconnaissance; advanced electro optical and infrared solutions; and maritime power and navigation

  • Space and Airborne Systems — led by Ed Zoiss, headquartered in Palm Bay, with approximately $4.0 billion in revenue. Includes space payloads, sensors and full-mission solutions; classified intelligence and cyber defense; avionics; and electronic warfare

  • Communication Systems — led by Dana Mehnert, headquartered in Rochester, New York, with approximately $3.8 billion in revenue. Includes tactical communications; broadband communications; night vision; and public safety

  • Aviation Systems — led by Todd Gautier, headquartered in Arlington, Texas, with approximately $3.8 billion in revenue. Includes defense aviation products; security, detection and other commercial aviation products; air traffic management; and commercial and military pilot training 

Executive officers in addition to Brown, Kubasik and the segment presidents include Jay Malave, SVP and chief financial officer, and Scott Mikuen, SVP, general counsel and secretary.

“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.”

Said Kubasik, “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.”

Comments

"SSN",.. Do you NOT recognize "gobbledegook & politicalspeak", when it's "served up to you on a platter"?!? ("Things that seem too good to be true,.. usually are...!")---("Beware of strangers bearing gifts).....

WOW,.. that's a HUGE effort to revive what has heretofore become just one more "Amusement Park in Florida"...."NASA".... by "CORPORATE ENTITIES" fully recognizing the unstoppable increase in Florida's Residents & Tax Base,... ("A pot of gold" too lucrative to ignore for politicians and "raiders of all stripes"...). Sic caveat emptor: "Let The Buyer Beware" !

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Yes Hillary, we're all happy that you've found employment. Now move along...

As the third most populous state - Florida needs more employers of this type - and should forget about expanding retailing, tourism, and agriculture. 67% of workers here make less than $20 per hour - and $20 per hour is barely a living wage at current cost of living levels! Republican governance here for the past 21 years has done absolutely nothing to assist workers in their standard of living!

"Florida should forget about expanding retailing, tourism, and agriculture." You're nuts. These are all important in improving people's lives. And agriculture is what feeds us - it's extremely important especially with the massive automation wave approaching and the new hemp fiber industry.

$8.50 per hour with no benefits "improves peoples' lives" ??? Retailing, tourism, and agriculture are all "poor pay" occupational fields - most of the big retail and tourist operations are owned and profits realized by out-of-state carpetbaggers - and agriculture represents just under 10% of total Florida GDP and doesn't come close to "feeding us" (unless you survive on second-rate oranges and totally lousy tomatoes!). Florida needs a much more diverse economy with much better paying jobs. The current situation is not sustainable. Florida is #32 among states in terms of workers' incomes - and 67% of Florida's workers cannot afford the necessities.

Minimum wage jobs are for people with a high school education, or working on one. I'm sorry if you fit into that category, perhaps you should have made better choices. Retailing & tourism are essential industries and they have many high paying positions. Agriculture is going through an automation revolution which will result in the low-paying manual labor positions being replaced by high paying skilled positions. Agriculture is about to get very exciting, and the cheap imported produce will find it difficult to compete.

And more than half of them are not worth the ' minimum wage' they are already getting.

Pay 'em a living wage or provide them with welfare benefits - it's The WalMart Way!

That's because it's not the governments job.

Really? That's what you take away from this report? Florida sucks? Can't you just come out and scream, it's Trump's fault?

Jim, calm down...the 'Trolls' here know not of what they speak.

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