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.
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