Harris Corporation and L3 Technologies to Combine in Merger of Equals

Harris Corporation and L3 Technologies agreed to combine in an all stock merger of equals to create a global defense technology leader L3 Harris Technologies Inc, focused on developing differentiated and mission critical solutions for customers around the world. The combined company will be the 6th largest defense company in the US and a top 10 defense company globally, worth $33.5bn. “This transaction extends our position as a premier global defense technology company that unlocks additional growth opportunities and generates value for our customers, employees and shareholders. Integration planning is already underway, and from our extensive experience with integration, we are confident in our ability to realize $500m of annual gross cost synergies and $3bn of free cash flow by year 3.” Harris Chairman, President and Chief Executive Officer, William M. Brown. “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 Chairman, President and Chief Executive Officer, Christopher E. Kubasik.