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Saturday, February 07, 2015

Harris To Acquire Exelis, Merging U.S. Government Suppliers

Harris and Exelis combinedHarris Corp. announced on February 6 that it will acquire Exelis for $4.75 billion, combining two major U.S. government and military contractors. Melbourne, Fla.-based Harris expects the transaction to close in June, subject to approval by Exelis shareholders and regulatory vetting.

The combined company will be named Harris. It will have revenue of $8.2 billion, 23,000 employees and supplier positions in U.S. government space, weather, air traffic management and military tactical communications systems.

In a fiscal year second-quarter earnings call with analysts, Harris chairman, president and CEO William Brown described the acquisition as a “transformational” and “highly strategic” merging of two engineering companies with complementary offerings.

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