Welcome to our dedicated page for L3Harris Technologies news (Ticker: LHX), a resource for investors and traders seeking the latest updates and insights on L3Harris Technologies stock.
L3Harris Technologies, Inc. (NYSE: LHX) is a dynamic global aerospace and defense technology innovator, providing advanced solutions to meet mission-critical needs across multiple domains including space, air, land, sea, and cyber. With an annual revenue of approximately $18 billion and a workforce of 47,000 employees, L3Harris serves customers in over 100 countries.
The company specializes in C4ISR systems, which encompass command, control, communications, computers, intelligence, surveillance, and reconnaissance. L3Harris also produces uncrewed aerial vehicles, sophisticated sensors, and avionics systems, and offers military and commercial training services. Notably, it maintains the U.S. Federal Aviation Administration's communications infrastructure, ensuring seamless operations and safety.
In July 2023, L3Harris acquired Aerojet Rocketdyne, a prominent supplier of rocket motors, bolstering its capabilities in the space and defense industry. This acquisition marks a significant step in expanding the company’s portfolio and enhancing its role in critical aerospace systems.
Recent developments include the creation of the Fisica platform through the sale of certain antenna and test equipment businesses to Kanders & Company for $200 million. This strategic move is expected to foster growth and innovation in the defense sector.
Additionally, L3Harris has entered into a five-year contract with Iridium Communications for the Iridium® Satellite Time and Location (STL) service. This partnership ensures robust timing synchronization for L3Harris’s nationwide communication networks, crucial for supporting the National Airspace System operations.
L3Harris is committed to delivering cutting-edge technologies and services that address the evolving demands of defense and commercial markets. With a solid financial foundation and strategic partnerships, the company is well-positioned for future growth and success.
CesiumAstro, a leading space communications technology company, announced the closing of a $65 million Series B+ funding round. The round was led by Trousdale Ventures, with participation from the Development Bank of Japan and Quanta Computer, Inc. Other investors included Kleiner Perkins, Lavrock Ventures, L3Harris Technologies (NYSE: LHX), InMotion Ventures, Matter Venture Partners, MESH Ventures, and Assembly Ventures.
The funds will be used to accelerate research and development, expand manufacturing capabilities, support global expansion, and enhance talent acquisition. CesiumAstro aims to leverage this funding to solidify its position within the space and defense industries and to advance its innovative space communications technologies, such as the Vireo multi-beam Ka-band active phased array payload and Skylark SATCOM terminal.
Since its founding in 2017, CesiumAstro has raised $156 million in equity capital. The company’s team of over 200 professionals and its in-house capabilities in rapid prototyping, testing, and manufacturing are pivotal to its success.
L3Harris Technologies (NYSE:LHX) has entered into a strategic collaboration with Accenture (NYSE:ACN) to accelerate its technological transformation under the 'LHX NeXt' initiative. The partnership will focus on building a robust digital core, optimizing operations, and fostering future growth.
Key aspects include leveraging Accenture’s expertise in cloud, infrastructure, and application services to enhance agility and scalability. Some L3Harris IT professionals will transition to Accenture, gaining industry-specific training and new technological skills.
Benefits of the collaboration include improved cost management, enhanced customer service through innovative software and systems, and enriched employee experiences with new enterprise resources and tools.
Aerojet Rocketdyne, part of L3Harris Technologies (NYSE:LHX), has successfully delivered its 1,000th solid rocket boost motor and Liquid Divert and Attitude Control System (LDACS) for the Missile Defense Agency’s Terminal High Altitude Area Defense (THAAD) system ahead of schedule. This milestone underscores the company's reliability in providing propulsion and precision systems. THAAD, a key component of the U.S. Missile Defense System, has a 100% success rate in missile defense tests with 16 successful intercepts. Aerojet Rocketdyne manufactures these components across facilities in Huntsville, Alabama; Camden, Arkansas; and Los Angeles, California.
Kanders & Company has completed its acquisition of certain antenna and test equipment businesses from L3Harris Technologies for $200 million.
The acquired businesses, ATI, Datron, and Randtron, will operate under Kanders' new defense technology platform, Fisica.
Fisica will manufacture antennas and electromagnetic systems for various defense applications, including radar and communications.
Based in San Leandro, with additional operations in Menlo Park and Simi Valley, Fisica aims for growth as a critical partner for defense primes and the U.S. Department of Defense.
Warren B. Kanders will serve as Fisica's Executive Chairman, with Mark Rayner as President and Christopher Prabhu as CFO.
L3Harris Technologies (NYSE:LHX) has completed the sale of its antenna and related businesses to an affiliate of Kanders & Company, Inc. for $200 million. This strategic divestiture aligns with L3Harris’ focus on refining its portfolio by shedding non-core assets. The transaction breakdown includes $175 million in cash and a $25 million seller note. The divested businesses, previously under the Space & Airborne Systems segment, employed around 375 people. The proceeds from this transaction will be utilized in line with L3Harris' capital allocation plans.
Sidus Space (NASDAQ: SIDU), a satellite and data service company, announced the extension of its Department of Defense (DoD) Mentor-Protégé Program with L3Harris Technologies (NYSE:LHX) for a second year. This program, which aims to foster partnerships between established defense contractors and smaller emerging businesses, will now continue until March 31, 2025. Carol Craig, Founder and CEO of Sidus Space, expressed enthusiasm about deepening the relationship with L3Harris, particularly in supporting government customers. Both companies are located on Florida’s Space Coast, a location seen as beneficial for strengthening their partnership.
L3Harris Technologies (NYSE:LHX) Chair and CEO Christopher E. Kubasik is scheduled to present at the Bernstein Annual Strategic Decisions Conference on May 30, 2024, at 10 a.m. ET.
The presentation will be livestreamed, and a recording will be available post-event, providing insights into the company's strategic plans and financial outlook.
Aerojet Rocketdyne, a subsidiary of L3Harris Technologies (NYSE: LHX), has been selected as the propulsion provider for the Missile Defense Agency's (MDA) Next Generation Interceptor (NGI). This selection is part of the Lockheed Martin team tasked with advancing the nation's Ground-based Midcourse Defense system. Announced on April 15, the NGI is designed to counter long-range ballistic missile threats and to protect the homeland against evolving dangers into the 2030s and beyond. Christopher E. Kubasik, Chair and CEO of L3Harris, highlighted the company's extensive expertise in providing propulsion technology for MDA interceptor programs.
FAQ
What is the current stock price of L3Harris Technologies (LHX)?
What is the market cap of L3Harris Technologies (LHX)?
What does L3Harris Technologies specialize in?
How many employees does L3Harris Technologies have?
What recent acquisition has L3Harris Technologies completed?
What is the annual revenue of L3Harris Technologies?
In how many countries does L3Harris operate?
What is the significance of the Fisica platform?
What is the role of Iridium STL service in L3Harris operations?
Who maintains the U.S. Federal Aviation Administration's communications infrastructure?
What markets does L3Harris serve?
Where is L3Harris Technologies headquartered?
