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Electronics Production |
Harris Corp. sells night vision business to Elbit
Elbit Systems Ltd. has signed a definitive agreement to purchase Harris’ Night Vision business for USD 350 million in cash. The transaction is contingent upon completion of Harris’ previously announced proposed merger with L3 Technologies Inc.
In a press release, Harris Corp. President, Chairman and CEO William M. Brown said, “With the signing of the agreement to divest the Night Vision business, and yesterday’s approval by shareholders of the L3 Harris merger, we have achieved two significant milestones towards completing the transformational merger in mid-calendar 2019.”
Proceeds from the divestiture are expected to be used to pre-fund the L3 Harris pension and return cash to shareholders.
Harris Corporation’s worldwide headquarters is in Melbourne, Florida. The company employs 21,000 people around the world. Its Night Vision business is headquartered in Roanoke, Virginia.
Elbit Systems, established in 1967, is based in Israel and employs more than 12,000 people worldwide.
