Harris to acquire Exelis Inc
Harris will acquire Exelis Inc under a recently signed agreement for around $4.75 billion, the two companies announced on 6 February. The boards of both companies unanimously approved the acquisition.
The acquisition transaction will close in June 2015. Together, the combined company will have a revenue of over $8 billion.
William Brown, CEO and president, Harris, said: 'The combination of the two companies' complementary core franchises create a competitively stronger company with significantly greater scale.'
David Melcher, CEO and president, Exelis, said: 'Combining the companies will significantly benefit customers and provide new opportunities for employees.'
Harris has created a detailed integration plan for combining the two businesses and achieving cost synergies. A dedicated integration team will be set up and will have executive leadership during the integration phase. This team will have senior members from both Harris and Exelis.
More from Defence Notes
-
UK Chancellor commits £2 billion to make the country a “defence industrial superpower”
Rachel Reeves announced port upgrades, protected budgets for innovation and investment in novel technologies.
-
Launch of Gilat Defense targets DoD market
The communications company Gilat launched its new Gilat Defense division at the Satellite 2025 expo, with future solutions aimed at US military customers.
-
Collins MAPS Gen II to equip US DoD watercraft
US services have already conducted multiple tests with military maritime systems fitted with the system.
-
OCCAR expects substantial boost in programme numbers “in the coming months”
Europe’s Organisation for Joint Armament Cooperation (OCCAR) “has to establish itself…as a centre of excellence for cooperative Defence Equipment Programmes” in the face of growing threats and the need for rearmament, according to the organisation’s chairman.
-
MBDA CEO emphasises “moment of truth” for Europe as company sees €37 billion backlog
MBDA CEO Éric Béranger stressed the company’s role supporting European countries with complex weapon systems and focused on boosting production against the backdrop of “shifting” geopolitical alliances.