L3Harris Completes Sale of its Electron Devices and Narda Microwave-West Businesses
L3Harris Technologies (NYSE:LHX) has completed the sale of its Electron Devices and Narda Microwave-West businesses to Arlington Capital Partners, a Washington, DC-area private equity firm. Proceeds from the divestitures are expected to be used for share repurchases.
The businesses were part of L3Harris' Aviation Systems segment and are leading providers of RF amplification products for the space, electronic warfare, radar, medical and industrial end markets. The businesses have more than 800 employees across its three facilities in Torrance, CA, Williamsport, PA and Folsom, CA.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers' mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the expected use of proceeds for share repurchases are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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