Summary
L3Harris Technologies, Inc. (formerly Harris Corporation) announced on May 9, 2001, a definitive agreement to sell its 49% minority membership interest in GE-Harris Railway Electronics LLC to General Electric Company. This transaction is a strategic move to divest a non-core asset and generate immediate cash proceeds for the company. The sale is expected to close by June 30, 2001, subject to antitrust approval.
Key Highlights
- 1Harris Corporation to sell its 49% stake in GE-Harris Railway Electronics LLC.
- 2The buyer is General Electric Company, the majority owner (51%) of the joint venture.
- 3Harris will receive $50 million in cash for its membership interest.
- 4The transaction is subject to antitrust approval.
- 5The sale is expected to close during the company's current fiscal quarter ending June 30, 2001.
- 6This move represents a divestiture of a minority interest in a joint venture.