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.
Frequently Asked Questions
Harris Corporation is selling its 49% minority membership interest in the GE-Harris Railway Electronics LLC joint venture.
Harris Corporation will receive $50 million in cash for its stake in the joint venture.
The transaction is expected to close by June 30, 2001, subject to receiving necessary antitrust approval.
Prior to the sale, GE-Harris Railway Electronics LLC was owned 51% by General Electric Company and 49% by Harris Corporation.