Summary
L3Harris Technologies, Inc. (LHX) announced the completion of the sale of its airport security and automation business to Leidos, Inc. for a significant sum of $1 billion. This transaction, which was previously disclosed, marks a strategic divestiture for L3Harris, allowing it to focus on its core aerospace and defense operations. The sale proceeds are expected to enhance the company's financial flexibility and support its strategic growth initiatives.
Key Highlights
- 1Completion of the sale of the airport security and automation business to Leidos, Inc.
- 2Transaction value of $1 billion.
- 3Strategic divestiture to focus on core aerospace and defense segments.
- 4Proceeds from the sale are expected to strengthen financial position.
- 5Press release detailing the transaction was issued on May 4, 2020.
- 6The business sold included Security & Detection Systems and MacDonald Humfrey Automation solutions.