L3Harris

Last updated

L3Harris Technologies, Inc.
Company type Public
Industry Aerospace and defense
Predecessor
FoundedJune 29, 2019;4 years ago (2019-06-29)
Headquarters Melbourne, Florida, United States
Number of locations
c. 300 (2023)
Key people
 Chris Kubasik
(Chair and CEO)
Products Defense and Communications
RevenueIncrease2.svg US$19.4 billion (2023)
Increase2.svgUS$1.43 billion (2023)
Increase2.svgUS$1.23 billion (2023)
Total assets Increase2.svgUS$41.7 billion (2023)
Total equity Increase2.svgUS$18.8 billion (2023)
Number of employees
c. 50,000 (2023)
Divisions
  • Integrated Mission Systems
  • Space & Airborne Systems
  • Communication Systems
Website l3harris.com
Footnotes /references
[1] [2]

L3Harris Technologies, Inc. is an American technology company, defense contractor, and information technology services provider that produces command and control systems and products, wireless equipment, tactical radios, avionics and electronic systems, night vision equipment, and both terrestrial and spaceborne antennas for use in the government, defense, and commercial sectors.

Contents

They specialize in surveillance solutions, [3] microwave weaponry, [4] and electronic warfare. [5] It was formed from the merger of L3 Technologies (formerly L-3 Communications) and Harris Corporation on June 29, 2019, [6] which made it the sixth-largest defense contractor in the United States. [7] [8] [9]

History

The "Harris Automatic Press Company" was founded by Alfred S. Harris in Niles, Ohio, in 1895. The company spent the next 60 years developing lithographic processes and printing presses before acquiring typesetting company Intertype Corporation. In 1967, they merged with Radiation, Inc. of Melbourne, Florida, a developer of antenna, integrated circuit, and modem technology used in the space race. The company headquarters was moved from Cleveland to Melbourne in 1978. [10] [11] In May 2015, Harris finalized the purchase of competitor Exelis Inc., almost doubling the size of the original company. [12]

L-3 Communications was formed in 1997 to acquire certain business units from Lockheed Martin that had previously been part of Loral Corporation. These units had belonged to Lockheed Corporation and Martin Marietta, which had merged three years before in 1993. [13] The company was founded by, and named for, Frank Lanza and Robert LaPenta in partnership with Lehman Brothers. Lanza and LaPenta had both served as executives at Loral and Lockheed. [14] The company continued to expand through mergers and acquisitions to become one of the top ten U.S. government contractors. [15] At the end of 2016, the company changed its name from L-3 Communications Holdings, Inc. to L3 Technologies, Inc. to better reflect the company's wider focus since its founding in 1997. [16]

In October 2018, Harris and L3 announced an all-stock "merger of equals". As part of that deal, Harris was required to sell its night vision division. The reasoning was that a merger of Harris and L3's night vision departments would create an effective monopoly on the night vision industry. [17] The merger was completed in June 2019. The new company, L3Harris Technologies, Inc., is based in Melbourne, Florida, where Harris was headquartered. [6] The new company was led by former Harris CEO William M. Brown as the Chairman and CEO, with former L3 CEO as the President and COO. [6] In June 2021, Brown turned over the role of CEO to Chris Kubasik, retaining the title of Executive Chair, and Kubasik adding the title of Vice Chair. [18]

In 2018, L3Harris acquired two Australian cybertechnology companies, Azimuth Security and Linchpin Labs. The two companies are reportedly suppliers of zero-day exploits for the Five Eyes [19] [20] and the Federal Bureau of Investigation. [20]

In 2019, L3Harris paid $13 million to settle allegations that Harris, before the merger, violated Arms Export Control Act and International Traffic in Arms Regulations regulations. [21] According to a proposed charging letter [22] Harris Corporation violated AECA (22U.S.C.2751 et seq.) and ITAR (22 CFR parts 120–131) for a total of 131 separate violations.

In January 2022, L3Harris reorganized its business structure, eliminating the Aviation Systems business segment and distributing its divisions between the remaining three Integrated Mission Systems, Space & Airborne Systems, and Communications Systems segments. [23]

In June 2022, Chris Kubasik succeeded as the Chair following Bill Brown's retirement. [24]

In June 2022, it was reported to have held talks to purchase the Israeli company NSO, which builds Pegasus spyware. [25] White House officials heard of the talks and voiced opposition, resulting in L3Harris discontinuing its plans. [19]

In December 2022, L3Harris agreed to buy Aerojet Rocketdyne Holdings for $4.7 billion in cash. [26] The acquisition was completed on 28 July 2023. [27]

Business organization

As of 2023, L3Harris is organized under four business segments: Integrated Mission Systems, Space & Airborne Systems, Communication Systems, and Aerojet Rocketdyne. [23] [28] It is led by a 13-member board of directors, including chair and CEO Chris Kubasik. [6] [24]

Integrated Mission Systems

Headquartered in Palm Bay, Florida, Integrated Missions Systems specializes in intelligence, surveillance, and reconnaissance (ISR) and signals intelligence systems; electrical and electronic systems for maritime use; electro-optical systems including infrared, laser imaging, and targeting systems; defense aviation systems including weapons systems and UAVs; and commercial aviation services including the L3Harris Airline Academy. [1] It comprises divisions, including some of those formerly in the Aviation Systems segment and Wescam, that had a combined revenue of $7.0 billion in 2021. [1]

In November 2023, L3Harris announced that it would sell its Commercial Aviation Solutions business to The Jordan Company for up to $800 million. [29]

Space & Airborne Systems

Headquartered in Palm Bay, Florida, Space & Airborne Systems specializes in space mission, payloads, and sensors for satellite navigation, ISR, weather, and missile defense; ground systems for space command and control and tracking; optical and wireless networking for situational awareness and air traffic management; defense avionics; and electronic warfare countermeasures. [1] It comprises divisions, including some of those formerly in the Aviation Systems segment, that had a combined revenue of $6.0 billion in 2021. [1]

Communications Systems

Headquartered in Rochester, New York, Communications Systems specializes in tactical communications, broadband communications, night vision (inherited from L3 Technologies, unrelated to night vision developed by Harris, ITT, or Exelis), and public safety. [1] It comprises divisions that had a combined revenue of $4.3 billion in 2021. [1]

Aerojet Rocketdyne

Headquartered in Palm Bay, Florida, Aerojet Rocketdyne consists of two sectors: "Missile Solutions" and "Space Propulsion and Power Systems". [28] Aerojet Rocketdyne had $2.2 billion in revenue in 2022, [30] prior to its 2023 purchase by L3Harris. [27]

Products

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References

  1. 1 2 3 4 5 6 7 "L3Harris Investor Overview" (PDF). L3Harris.com. Archived (PDF) from the original on February 16, 2022. Retrieved February 16, 2022.
  2. ↑ "L3Harris Technologies, Inc. 2023 Annual Report (Form 10-K)". sec.gov. U.S. Securities and Exchange Commission. February 20, 2024. Retrieved February 21, 2024.
  3. ↑ "Surveillance". Harris Corporation. January 17, 2017. Archived from the original on April 10, 2017. Retrieved November 18, 2019.
  4. ↑ "RF and Microwave Development and Systems". Harris Corporation. January 17, 2017. Archived from the original on April 10, 2017. Retrieved November 18, 2019.
  5. ↑ "Electronic Warfare". Harris Corporation. January 17, 2017. Archived from the original on February 1, 2017. Retrieved November 18, 2019.
  6. 1 2 3 4 "L3Harris Technologies Merger Successfully Completed; Board of Directors, Leadership and Organization Structure Announced". L3Harris Technologies (Press release). June 29, 2019. Archived from the original on July 4, 2019. Retrieved July 4, 2019.
  7. ↑ Thompson, Loren (June 7, 2019). "Defense Contractor L3 Technologies Surges As It Prepares To Enter Big Leagues". Forbes. Archived from the original on July 4, 2019. Retrieved July 4, 2019.
  8. ↑ "Harris and L3 agree merger to become sixth-largest U.S. defense contractor". Reuters. October 14, 2018. Archived from the original on August 3, 2020. Retrieved May 6, 2020– via www.reuters.com.
  9. ↑ "Harris, L3 merger creates 6th largest U.S. defense contractor". UPI. Archived from the original on January 28, 2020. Retrieved January 28, 2020.
  10. ↑ Price, Wayne (June 9, 2018). "Harris marks four decades of having its headquarters in Brevard". Florida Today . Archived from the original on July 5, 2022. Retrieved July 1, 2022.
  11. ↑ "Harris Corporation Announces Headquarters and Segment Locations". Business Wire (Press release). July 10, 2015. Archived from the original on July 1, 2022. Retrieved July 1, 2022.
  12. ↑ "Harris Corporation Completes Acquisition Of Exelis" (Press release). May 29, 2015. Archived from the original on September 13, 2016. Retrieved September 2, 2016.
  13. ↑ "l1id.com". www.l1id.com. Archived from the original on February 28, 2014.
  14. ↑ "History of L-3 Communications Holdings, Inc. – FundingUniverse". www.fundinguniverse.com. Archived from the original on July 3, 2017. Retrieved June 25, 2017.
  15. ↑ "2011 Washington Technology Top 100". Archived from the original on December 11, 2011. Retrieved December 10, 2011.
  16. ↑ "L-3 Communications to Change Name to L3 Technologies, Inc" (Press release). L-3 Communications, Inc. December 6, 2016. Archived from the original on December 15, 2016. Retrieved December 6, 2016.
  17. ↑ "Justice Department Requires Harris and L3 to Divest Harris's Night Vision Business to Proceed with Merger". United States Department of Justice. June 20, 2019. Archived from the original on March 30, 2021. Retrieved April 7, 2022.
  18. ↑ "Christopher E. Kubasik Succeeds William M. Brown as CEO of L3Harris Technologies". L3Harris (Press release). June 29, 2021. Archived from the original on July 20, 2021. Retrieved July 20, 2021.
  19. 1 2 3 Mazzetti, Mark; Bergman, Ronen (July 10, 2022). "Defense Firm Said U.S. Spies Backed Its Bid for Pegasus Spyware Maker". The New York Times. ISSN   0362-4331. Archived from the original on September 7, 2022. Retrieved July 11, 2022.
  20. 1 2 "How a Tiny Startup Became the Most Important Hacking Shop You've Never Heard Of". www.vice.com. February 7, 2018. Archived from the original on July 10, 2022. Retrieved July 11, 2022.
  21. ↑ "L3Harris agrees to $13 million settlement following ITAR violations | InsideDefense.com". insidedefense.com. Archived from the original on February 1, 2022. Retrieved February 1, 2022.
  22. ↑ Proposed Charging Letter (September 26, 2019). "Alleged Violations of the Arms Export Control Act and the International Traffic in Arms Regulations by L3Harris Technologies, Inc". U.S. Department of State Directorate of Defense Trade Controls. Archived from the original on April 27, 2023. Retrieved February 1, 2022.
  23. 1 2 Kilgore, Tomi (January 3, 2022). "L3Harris streamlines businesses to 3 segments from 4". MarketWatch. Archived from the original on January 3, 2022. Retrieved January 3, 2022.
  24. 1 2 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Report). U.S. Securities and Exchange Commission. June 30, 2022. p. 1. Archived from the original on July 1, 2022. Retrieved June 30, 2022. Consistent with the Merger Agreement and Mr. Brown's and Mr. Kubasik's respective employment arrangements, on June 29, 2022, (a) Mr. Brown ceased being Chair of L3Harris and retired from L3Harris; (b) and Mr. Kubasik, age 61, succeeded him as Chair of L3Harris, becoming Chair and Chief Executive Officer of L3Harris, and ceased being Vice Chair of L3Harris.
  25. ↑ "Infamous Israeli Spyware Maker NSO in Talks to Be Sold to U.S. Defense Firm". Haaretz. Archived from the original on June 14, 2022. Retrieved June 14, 2022.
  26. ↑ Gomez, Nathan; Ghosh, Kanjyik (December 19, 2022). "Defense firm L3Harris to buy Aerojet for $4.7 bln with eye on missile demand". Reuters. Archived from the original on January 20, 2023. Retrieved January 29, 2023.
  27. 1 2 "L3Harris Completes Aerojet Rocketdyne Acquisition". www.l3harris.com (Press release). L3Harris. July 28, 2023. Retrieved July 31, 2023.
  28. 1 2 Weisgerber, Marcus (July 28, 2023). "On Day 1 of ownership, L3Harris pledges to invest in Aerojet Rocketdyne". Defense One. Retrieved July 31, 2023.
  29. ↑ https://www.l3harris.com/newsroom/press-release/2023/11/l3harris-announces-definitive-agreement-commercial-aviation-solutions
  30. ↑ "Aerojet Rocketdyne Holdings, Inc. Reports 2022 Fourth Quarter and Annual Results". Edgar. www.sec.gov. February 15, 2023. Retrieved July 31, 2023.
  31. ↑ Richtel, Matt (March 15, 2015). "A Police Gadget Tracks Phones? Shhh! It's Secret". The New York Times . Archived from the original on April 3, 2015. Retrieved April 4, 2015.
  32. ↑ Gallagher, Ryan (January 10, 2013). "FBI Documents Shine Light on Clandestine Cellphone Tracking Tool". Slate Magazine . Archived from the original on August 5, 2014. Retrieved August 5, 2014.
  33. ↑ "L3Harris extends OEMServices contract". L3Harris. May 6, 2022. Archived from the original on April 29, 2022. Retrieved May 6, 2022.
  34. ↑ "L3Harris boosts AOG support capability with OEMServices deal". Times Aerospace. May 6, 2022. Archived from the original on May 10, 2022. Retrieved May 6, 2022.
  35. ↑ "L3Harris hC2™ Software Suite". L3Harris. April 11, 2016. Archived from the original on January 8, 2019. Retrieved September 13, 2019.
  36. ↑ "High-Performance Integrated Core Processor (ICP)". L3Harris. December 14, 2021. Archived from the original on December 14, 2021. Retrieved December 14, 2021.
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