L3Harris Technologies announced the successful completion of the all-stock merger between Harris Corporation and L3 Technologies on June 29. Headquartered in Melbourne, Florida, L3Harris becomes the sixth largest defense company in the U.S., and a top 10 defense company worldwide, with approximately $ 17 billion in revenue and 50,000 employees, including 20,000 engineers and scientists.
[Photo: The Harris-supplied navigation payload before integration into the second GPS III SV. (Photo: Harris)]
Both companies have long been dominant presences in the U.S. GPS industry: Harris as a provider of the GPS satellite navigation payloads and geospatial intelligence software products, and L3 as a provider of military GPS user equipment and guided munitions. Both companies supply a wide range of other geospatially-related products as well.
L3Harris has organized its operating businesses into four segments to best meet customers’ mission requirements and leverage the combined company’s broad technical capabilities:
Integrated Mission Systems — 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 — headquartered in Palm Bay, Florida, 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 — headquartered in Rochester, New York, with approximately $ 3.8 billion in revenue. Includes tactical communications; broadband communications; night vision; and public safety
Aviation Systems — 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
Shares of Harris common stock, which traded on the NYSE under the ticker symbol “HRS,” began trading on July 2 under the ticker symbol “LHX.” L3 Technologies shares ceased trading upon market close on June 28 and have converted into 1.3 L3Harris shares for each L3 share.
The merger comes at approximately the same time that two other leading GPS companies, Raytheon and United Technologies, itself a merger including the former Rockwell Collins, now Collins Aerospace, also merged.
