L3Harris Completes Sale of its ESSCO Business

Rhea-AI Summary

L3Harris Technologies (NYSE:LHX) has finalized the sale of its ESSCO business to Communications & Power Industries (CPI). ESSCO was part of L3Harris' Aviation Systems segment, specializing in radomes for military and commercial applications. CPI is known for manufacturing electronic components focused on defense and communications. This divestiture aligns with L3Harris' strategy to streamline operations and enhance its offerings across aerospace and defense technologies, which generate approximately $18 billion in revenue.

Positive

• Strategic divestiture of ESSCO supports streamlined operations.
• CPI acquisition may strengthen L3Harris' industry positioning.

Negative

• None.

MELBOURNE, Fla.--(BUSINESS WIRE)-- L3Harris Technologies (NYSE:LHX) has completed the sale of its ESSCO business to Communications & Power Industries (CPI).

ESSCO was part of L3Harris’ Aviation Systems segment and produces radomes for military and commercial use. CPI is a global manufacturer of electronic components and subsystems focused primarily on communications and defense markets.

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. 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/20211129005234/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 is the significance of L3Harris selling its ESSCO business?

The sale of ESSCO allows L3Harris to streamline its operations while enhancing focus on core aerospace and defense technologies.

Who purchased the ESSCO business from L3Harris?

The ESSCO business was acquired by Communications & Power Industries (CPI).

How does the sale of ESSCO affect L3Harris Technologies' financials?

The sale impacts L3Harris' Aviation Systems segment but aligns with its strategy to optimize operations, potentially enhancing overall financial performance.

What products did ESSCO produce under L3Harris Technologies?

ESSCO produced radomes for military and commercial applications.

What is L3Harris Technologies' annual revenue?

L3Harris Technologies generates approximately $18 billion in annual revenue.