Summary
L3Harris Technologies (formerly Harris Corporation) announced a significant corporate restructuring via an 8-K filing on October 22, 1999. The company's Board of Directors formally approved the spin-off of its Lanier Worldwide subsidiary into an independent, publicly traded entity. This spin-off will be executed through a stock dividend, with Harris shareholders receiving one share of Lanier common stock for each share of Harris stock they hold, effective for shareholders of record on November 1, 1999. Following the spin-off, Lanier will begin trading on the New York Stock Exchange under the ticker symbol 'LR'. Harris plans to retain a 10% stake in Lanier.
Key Highlights
- 1Formal approval granted for the spin-off of Lanier Worldwide as an independent company.
- 2Shareholders will receive a stock dividend of one Lanier share for every Harris share held.
- 3Record date for the dividend is November 1, 1999, with distribution expected November 5, 1999.
- 4Lanier Worldwide will trade on the NYSE under the symbol 'LR'.
- 5Harris Corporation will retain a 10% ownership stake in the spun-off Lanier entity.
- 6Authorization approved for the repurchase of up to 15 million Harris common shares following the spin-off.
- 7A quarterly cash dividend of $0.05 per share was declared, payable December 3, 1999.
Frequently Asked Questions
The primary event is the formal approval by the Board of Directors to spin off the Lanier Worldwide subsidiary as an independent, publicly traded company.
Shareholders will receive a stock dividend of one share of Lanier common stock for each share of Harris common stock they own, provided they are shareholders of record on November 1, 1999.
Harris Corporation's Board of Directors has authorized the repurchase of up to 15 million shares of its own common stock after the Lanier spin-off, with an anticipation of tendering for a substantial number of shares.
Yes, Harris Corporation plans to retain approximately ten percent (10%) of the outstanding shares of Lanier following the spin-off.