Harris to acquire Orkand
June 14, 2004
Harris, based in Melbourne, FL, has signed a definitive agreement to acquire Orkand, a privately held provider of technical services and information technology for U.S. government agencies, for approximately $66 million in cash. The company also announced layoffs in its Broadcast Communications and Microwave Communications divisions, to increase profitability.
Orkand provides information-technology services under contracts with the Department of State, Department of Labor, Department of the Interior, Department of Health and Human Services, Department of Energy, and the U.S. Postal Service, among others. Orkand, with $80 million in revenue for the 12 months ending in March 2004, is headquartered in Falls Church, VA.
Under terms of a definitive agreement, the transaction, which is subject to customary regulatory approvals, is expected to close prior to Harris’ 2004 fiscal year end on July 2, 2004.
For more information visit www.harris.com.
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