The merger of L3Harris Technologies has been successfully completed; Board of Directors, Leadership and Organizational Structure Announced

0

MELBOURNE, Florida – (COMMERCIAL THREAD) – L3Harris Technologies (NYSE: LHX) today announced the successful completion of the equity merger between Harris Corporation and L3 Technologies on June 29, 2019. Based in Melbourne, Florida, L3Harris is the sixth largest defense company in the United States, and one of the top 10 defense companies in the world – with around $ 17 billion in revenue and 50,000 employees, including 20,000 engineers and scientists.

Harris’ common stock, traded on the New York Stock Exchange under the ticker symbol “HRS”, will begin trading today under the ticker symbol “LHX”. L3 Technologies (NYSE: LLL) shares ceased trading at market close on June 28 and were converted to 1.3 L3Harris shares for each L3 share.

Board of directors

L3Harris ‘new board of directors is made up of 12 members with in-depth knowledge of Harris’ and L3’s business, a diverse mix of backgrounds, skills and experience, as well as a history of creating shareholder value at long term. The members of the board of directors of L3Harris, drawn equally from Harris and L3, are:

  • William M. Brown – Chief Executive Officer, L3Harris

  • Christopher E. Kubasik – Vice President, President and Chief Operating Officer, L3Harris

  • Sallie B. Bailey – Former Executive Vice President and Chief Financial Officer, Louisiana-Pacific

  • Rock. W. Chiarelli – General, United States Army (Retired)

  • Thomas A. Corcoran – Former President and CEO, Allegheny Teledyne

  • Thomas A. Dattilo – Former President, CEO and President, Cooper Tire & Rubber

  • Roger B. Fradin – Former Vice President, Honeywell

  • Lewis Hay III – Former President and CEO, NextEra Energy

  • Lewis Kramer – retired partner, Ernst & Young

  • Rita S. Lane – Former Vice President, Operations, Apple

  • Robert B. Millard – President, MIT Corporation

  • Lloyd W. Newton – General, US Air Force (retired)

Structure and direction

L3Harris has organized its operational activities into four segments to best meet clients’ mission requirements and to take advantage of the extensive technical capabilities of the combined company:

  • Integrated Mission Systems – Led by Sean Stackley, headquartered in Palm Bay, Florida 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, Florida, with revenues of approximately $ 4.0 billion. 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 revenues of approximately $ 3.8 billion. Understands 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 the training of commercial and military pilots

In addition to Brown, Kubasik and the Segment Chairs, senior executives include Jay Malave, Executive Vice President and Chief Financial Officer, and Scott Mikuen, Executive Vice President, General Counsel and Secretary.

“We have created an agile technology provider with the scale, resources and capabilities to deliver affordable, innovative and rapidly implemented solutions to meet the mission critical needs of our customers,” said Brown. “Each member of our Board of Directors and management team brings decades of experience, and I look forward to working with them to capture targeted synergies and create meaningful value for our shareholders. ”

“Our seasoned segment leaders and mission-driven operational structure will allow us to leverage our wide range of complementary capabilities and technologies to deliver advanced solutions and seize opportunities in multiple areas,” said Kubasik.

Photos and biographies of executives are available on the company’s website. More information and additional details on the segments can be found here, and L3Harris intends to provide total company and segment financial information for 2S CY2019 and pro forma financial information for 1S CY2019 in conjunction. with the release of Harris’ fourth quarter and full year 2019 results.

About L3Harris Technologies

L3Harris Technologies is an agile global innovator in aerospace and defense technologies, delivering end-to-end solutions that meet critical customer needs. The company provides advanced defense and commercial technologies in the air, land, maritime, space and cybernetics fields. L3Harris has annual sales of approximately $ 17 billion and 50,000 employees, with customers in 130 countries. L3Harris.com.

Forward-looking statements

This press release contains forward-looking statements that reflect management’s current expectations, assumptions and estimates regarding future performance and economic conditions. These statements are made in reliance on the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this press release include, but are not limited to y limit: the company’s resources, capabilities, technologies and solutions; capture synergies; create value for shareholders; seize new opportunities; and provide pro forma financial advice and information. The company cautions investors that any forward-looking statement is subject to risks and uncertainties which may cause actual results and future trends to differ materially from matters expressed or implied by such forward-looking statements. Factors that could affect the Company’s results and forward-looking statements may be disclosed in the Company’s filings with the SEC. L3Harris disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Source link

Leave A Reply

Your email address will not be published.