L3Harris Technologies makes company debut after merger of Harris, L3 Technologies
L3Harris Technologies yesterday began operations as the sixth-largest defense company in the United States with revenues of about $17 billion, after the all-stock merger of Harris and L3 Technologies was completed on June 29, according to a company press release.
Shares of Harris—previously traded on the New York Stock Exchange (NYSE) under the “HRS” ticker symbol—began trading as L3Harris Technologies under the “LHX” symbol. The company stock value fell 7.17% in trading during the day, finishing at a price of $176.16. Both the Harris and L3 Technologies stock values had climbed by more than 45% after the merger announcement, according to financial media reports.
With more than 50,000 employees—20,000 of which are engineers or scientists—L3Harris Technologies is a top-10 defense company worldwide. The company has been organized into four segments: Integrated Mission Systems, Space and Airborne Systems, Aviation Systems, and Communications Systems.
Led by Dana Mehnert, the Communications System segment—headquartered in Rochester, N.Y.—includes the unit that will continue to offer land-mobile-radio (LMR) communications systems for public-safety and critical-communications entities. This unit will be known as L3Harris Public Safety and Professional Communications (L3Harris PSPC), according to a company spokesperson.
Members of the new L3Harris board of directors are drawn equally from the former Harris and L3 Technologies, according to a company press release.
“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,” L3Harris Chairman and CEO William Brown said in a prepared statement. “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.”
Christopher Kubasik—vice chairman, president and COO for L3Harris—echoed this sentiment.
“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,” Kubasik said in a prepared statement.