L3Harris Completes Sale of its Electron Devices and Narda Microwave-West Businesses

Rhea-AI Summary

L3Harris Technologies (NYSE:LHX) has finalized the sale of its Electron Devices and Narda Microwave-West businesses to Arlington Capital Partners. This divestiture is part of L3Harris' strategic realignment, focusing on more profitable segments. The sale proceeds are intended for share repurchases, potentially benefiting shareholders. The businesses sold are significant providers of RF amplification products for various high-demand sectors such as space, electronic warfare, and medical markets, with over 800 employees across California and Pennsylvania.

Positive

• Sale of Electron Devices and Narda Microwave-West businesses expected to enhance focus on core operations.
• Proceeds earmarked for share repurchases, potentially increasing shareholder value.

Negative

• None.

MELBOURNE, Fla.--(BUSINESS WIRE)-- 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005490/en/

Rajeev Lalwani

Investor Relations

Rajeev.Lalwani@L3Harris.com

321-727-9383

Jim Burke

Media Relations

Jim.Burke@L3Harris.com

321-727-9131

Source: L3Harris Technologies

FAQ

What businesses did L3Harris sell?

L3Harris sold its Electron Devices and Narda Microwave-West businesses.

Who purchased the L3Harris businesses?

The businesses were sold to Arlington Capital Partners.

What is the expected use of proceeds from the sale by L3Harris?

The proceeds from the sale are expected to be used for share repurchases.

How many employees were part of the sold L3Harris businesses?

The sold businesses had more than 800 employees.

What sectors did the sold businesses operate in?

The businesses were leading providers of RF amplification products for space, electronic warfare, radar, medical, and industrial markets.