L3Harris Merger Complete, Organizes into 4 Business Segments
Monday, July 01, 2019 | Comments

L3Harris Technologies completed the all-stock merger between Harris and L3 Technologies June 29. Headquartered in Melbourne, Florida, L3Harris is the sixth-largest defense company in the U.S., and a top 10 defense company worldwide with about $17 billion in revenue and 50,000 employees, including 20,000 engineers and scientists.

Shares of Harris common stock, which traded on the NYSE under the ticker symbol “HRS,” will begin trading today under the ticker symbol “LHX”. L3 Technologies shares ceased trading upon market close June 28 and converted into 1.3 L3Harris shares for each L3 share.

L3Harris organized its operating businesses into four segments. Communication Systems, led by Dana Mehnert, is headquartered in Rochester, New York, with about $3.8 billion in revenue. This unit includes tactical communications, broadband communications, night vision and public safety. Aviation Systems is led by Todd Gautier and is headquartered in Arlington, Texas, with about $3.8 billion in revenue. The segment includes defense aviation products; security, detection and other commercial aviation products; air traffic management; and commercial and military pilot training.

Integrated Mission Systems, led by Sean Stackley, is headquartered in Palm Bay, Florida, with about $4.9 billion in revenue. The segment includes intelligence, surveillance and reconnaissance; advanced electro optical and infrared solutions; and maritime power and navigation. Space and Airborne Systems is led by Ed Zoiss and headquartered in Palm Bay, with about $4 billion in revenue. The unit includes space payloads, sensors and full-mission solutions; classified intelligence and cyber defense; avionics; and electronic warfare

The company named Jesus “Jay” Malave Jr. senior vice president and chief financial officer (CFO). Malave formerly worked for United Technologies for 20 years. L3Harris’ new board of directors consists of 12 members, drawn equally from Harris and L3, with William M. Brown, chairman and CEO, L3Harris.

“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,” Brown said. “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.”

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