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L3HARRIS TECHNOLOGIES, INC. /DE/ 8-K Report, Corporate Update (Jul 6, 2021)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed July 6, 2021
Period End
July 6, 2021
Security
LHX
In the record · 2016–202610-K1110-Q328-K177

LHX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · May ’17May ’17
  2. Deal closed8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Sep ’22Sep ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed July 6, 2021. Cited figures are marked; the original filing is the authoritative source.

L3Harris Technologies (LHX) announced the completion of two significant divestitures on July 5, 2021, marking a strategic shift for the company.

The Military Training business was sold to CAE for $1.05 billiona in cash, and the Combat Propulsion Systems and related businesses were sold to RENK AG for approximately $400 million in cash. These transactions, totaling $1.45 billion in cash proceeds, are expected to significantly strengthen L3Harris's financial position and enable strategic capital allocation. Investors should note that L3Harris intends to utilize the substantial cash generated from these sales for share repurchases.

This move suggests a focus on returning value directly to shareholders and potentially enhancing earnings per share. The divestitures also signal a potential reshaping of L3Harris's business portfolio, allowing the company to concentrate on its core strategic priorities.

02—Key points

Key Highlights

  1. Completion of the sale of the Military Training business to CAE for $1.05 billion in cash.
  2. Completion of the sale of Combat Propulsion Systems and related businesses to RENK AG for approximately $400 million in cash.
  3. Total cash proceeds from both divestitures amount to approximately $1.45 billion.
  4. L3Harris expects to use the net proceeds from these sales to repurchase shares of its common stock.
  5. These transactions represent a significant strategic move, potentially streamlining the company's business segments.

03—Questions

Frequently Asked Questions

  1. What were the main divestitures announced by L3Harris?

    L3Harris announced the completion of the sale of its Military Training business to CAE for $1.05 billion and its Combat Propulsion Systems and related businesses to RENK AG for approximately $400 million.

  2. How much cash did L3Harris receive from these sales?

    L3Harris received a total of approximately $1.45 billion in cash from the combined sales of these two business segments.

  3. What does L3Harris plan to do with the proceeds from these divestitures?

    L3Harris has stated that it expects to use the proceeds from these sales to repurchase shares of its common stock.

  4. When were these transactions completed?

    The press release announcing the completion of these sales was issued on July 2, 2021, with the event date noted as July 5, 2021.

04—Continue

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