Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) announced on November 5, 1999, the successful completion of the spin-off of its Lanier Worldwide office equipment subsidiary. This strategic move establishes Lanier as an independent, publicly traded company, with Harris shareholders receiving one share of Lanier common stock for every share of Harris stock they held as of November 1, 1999. Harris will retain a minority stake of approximately ten percent in Lanier, which is set to trade on the New York Stock Exchange under the ticker symbol 'LR' starting November 8, 1999. Furthermore, the company indicated that its relocation from the S&P 500 Index to the S&P Midcap 400 Index creates a favorable condition for active share repurchases under its existing program. This suggests a potential return of capital to shareholders and a strategic adjustment in the company's market positioning.
Key Highlights
- 1Completed spin-off of Lanier Worldwide as an independent public company.
- 2Harris shareholders received Lanier common stock as a dividend on a 1:1 basis.
- 3Lanier Worldwide will commence trading on the NYSE under the symbol 'LR' on November 8, 1999.
- 4Harris will retain a 10% ownership stake in the spun-off Lanier Worldwide.
- 5Company's move to the S&P Midcap 400 Index creates an opportunity for active share repurchases.
- 6Share repurchase program is expected to be pursued actively in the open market.