Melbourne-based Harris Corp. and New York-based L3 Technologies Inc. on Sunday announced they have agreed to a “transformational merger of equals.”
The combined company — to be called L3 Harris Technologies Inc. — will be headquartered in Melbourne.
This will be the largest merger in defense industry history, in a stock deal valued at $33.5 billion, based on current stock prices.
The company will become the eighth-largest company based in Florida, according to current Fortune 500 rankings.
Harris Director of Public Relations Jim Burke said the deal is likely to mean a strengthening of the company’s operations and staff levels in Brevard County.
…”The combined portfolio brings depth and balance of relationships across a wide range of customers, in both the U.S. and international markets,” the companies said in their announcement. “Increased scale will enable the combined company to be more cost-competitive, expand capabilities to provide end-to-end solutions across multiple domains of air, sea, land, space and cyber,” as well as enhanced leadership in other areas, such as radio-frequency and spectrum technologies.
The companies also cited their “shared culture of innovation and operating philosophy” that would help drive growth and boost profits. …