June 3, 2024 (press release) –
MELBOURNE, Fla., June 3, 2024 — L3Harris Technologies (NYSE:LHX) has completed its sale of the company’s antenna and related businesses to an affiliate of Kanders & Company, Inc. for $200 million.
The deal aligns with L3Harris’ portfolio-shaping strategy of divesting non-core assets, with transaction proceeds to be used consistent with capital allocation plans. The transaction includes $175 million in cash and a $25 million seller note.
The businesses L3Harris divested were part of the company’s Space & Airborne Systems segment and employed approximately 375 people.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers’ mission-critical needs always in mind, our ~50,000 employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security.
About Kanders & Company, Inc.
Kanders & Company, Inc. based in Palm Beach, FL, is a single-family office owned and controlled by Warren B. Kanders. Mr. Kanders has more than 30 years of experience investing in public and private companies across a variety of sectors, acting as an active strategic partner for enhancing operating discipline and catalyzing long-term growth.
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. L3Harris 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 capital allocation plans 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.
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