Two defense technology companies with customers in California and across the country are working to complete a merger after they received regulatory approval for the acquisition. Harris Corporation set a closing date of June 29 for its all-stock merger with L3 Technologies. After the merger is completed, the new company will take the name L3Harris Technologies, Inc. Shares of the company's stock will trade on the New York Stock Exchange under a new symbol, replacing both companies' earlier presence for investors. People who own L3 stock will receive 1.3 shares in the new company for each share they currently own.
The president of Harris Technologies praised the merger plans, saying that the regulatory approvals are evidence of the success of the companies' vision for the future. He also said that the merger is one of the largest in history between two companies involved in the defense industry and technical development. As part of receiving approval for the merger, Harris sold off one of its businesses, called Night Vision. While the sale has not yet been completed, an agreement has already been made with another defense firm, Elbit Systems, to buy that area from Harris.
L3 employs around 31,000 people around the world working on aviation security, defense technology, weapons systems and maritime and space development. It had $10.2 billion in sales in 2018. At the same time, Harris has around $6 billion in revenue each year. It sells defense technologies, including weapons, intelligence and communication systems, to governments and companies in more than 100 countries around the world.
Mergers and acquisitions can be important to many businesses' future plans, from large defense contractors to small and innovative startups. Businesses considering growth through buying or selling another company may consult with an attorney about negotiating a successful merger.