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Business
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| Harris Ponders Sale |
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| May 9, 2008 |
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Harris Corp., a 113-year old company with extensive roots in defense, telecommunications and the broadcast industry, is considering selling the company, according to the Wall Street Journal.
According to sources familiar with the process, the Melbourne-Fla.-based company, which has a market capitalization of $7.3 billion, is only in the exploratory stages and that the company could still decide not to sell. Potential suitors listed in the Journal article include Raytheon, BAE Systems and Northrup Grumman.
The article speculates that the company thinks its growth potential in the defense industry is “less attractive” than anytime since Sept. 11, 2001. Harris has about 16,000 employees and reported $5.1 billion in revenues and net income of $410 million over the last 12 months, ending March 28, 2008.
The Broadcast Communications segment of Harris Corp. posted revenue of $159 million in the third quarter of its 2008 fiscal year (ending March 28), an increase of 14 percent compared to the prior-year quarter.
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