Harris Plans Employee, R&D Investments Following Tax Reform Bill Passage
Wednesday, January 31, 2018 | Comments

Harris announced that, as a result of the passage of the federal tax reform bill, the company anticipates making an additional contribution to its employee pension fund, increasing its investment in research and development (R&D), and providing a one-time stock grant to all of its nonexecutive employees. The actions are expected to occur within the company’s fiscal year 2018.

To increase current and former employee retirement stability, Harris anticipates contributing an additional $300 million into the company’s employee pension fund. The company will also invest an incremental $20 million in technologies to accelerate innovation and affordability initiatives for its customers. This investment in R&D will leverage and enhance the company’s engineering talent, strengthen Harris’ position and help it capture new market opportunities in areas such as small satellites, software-defined electronic warfare systems, open systems avionics, robotics and air traffic management solutions.

In addition, the company will grant each of its about 17,000 nonexecutive employees 10 shares of Harris common stock that will vest during two years. The grants have a current market value of about $1,470 each, or about $24 million in total.

“We are pleased to share the benefits of our strong performance and the recent tax reform legislation with our employees,” said William M. Brown, chairman, president and CEO. “This represents an investment in Harris’ greatest asset and differentiator — our talented employees. Coupled with our innovation and technology investment, we are using this opportunity to further strengthen the company and position Harris for future success.”

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