Summary
This 8-K Amendment filed by Harris Corporation on December 11, 2012, provides an update on the divestiture of its Broadcast Communications segment. The company has entered into a definitive asset sale agreement with Gores Broadcast Solutions, Inc., an affiliate of The Gores Group, LLC, with an expected closing in early calendar year 2013. As a result of this divestiture, Harris Corporation anticipates incurring total estimated pre-tax charges ranging from $80 million to $120 million. These charges, which are expected to be recognized in the second quarter of fiscal 2013, include impairments to goodwill, other long-lived assets, and inventory. Investors should note that these impairment charges are in addition to previously disclosed charges related to the Broadcast Communications segment.
Key Highlights
- 1Harris Corporation has entered into a definitive agreement to sell its Broadcast Communications segment.
- 2The buyer is Gores Broadcast Solutions, Inc., an affiliate of The Gores Group, LLC.
- 3The divestiture is expected to be completed in early calendar year 2013.
- 4Harris anticipates total estimated pre-tax charges of $80 million to $120 million related to the divestiture.
- 5These charges will include impairments to goodwill, other long-lived assets, and inventory.
- 6The charges are expected to be reflected in the company's results for the second quarter of fiscal 2013.
- 7The impairment charges are incremental to previously disclosed charges related to this divestiture.