Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) filed this 8-K on November 19, 1999, to report on the completion of the spin-off of its Lanier Worldwide, Inc. subsidiary. This significant corporate action occurred on November 5, 1999, where Harris distributed approximately 90% of Lanier's common stock to its shareholders as a dividend. Harris retained a 10% stake in Lanier. The spin-off resulted in substantial financial impacts for Harris. Lanier made a cash distribution of approximately $546 million to Harris, and approximately $150 million in debt was transferred to Lanier, thereby reducing Harris's consolidated debt. Harris intends to utilize the cash proceeds for debt reduction, general corporate purposes, acquisitions, and share repurchases. The filing also includes pro forma financial information reflecting these changes.
Key Highlights
- 1Harris Corporation completed the spin-off of its Lanier Worldwide, Inc. subsidiary on November 5, 1999.
- 2Shareholders received approximately 90% of Lanier's common stock as a dividend, one share of Lanier for each share of Harris held.
- 3Harris retained approximately 10% of Lanier's outstanding shares.
- 4Lanier made a cash distribution of approximately $546 million to Harris.
- 5Harris's consolidated debt was reduced by approximately $150 million as Lanier assumed this debt.
- 6Harris plans to use the $546 million cash proceeds for debt reduction, general corporate purposes, acquisitions, and share repurchases.
- 7The filing includes unaudited pro forma financial statements reflecting the impact of the spin-off.