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Politics

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.”

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