Exelis Acquired by Harris in $4.6B Deal
MELBOURNE, Fla., July 10, 2015 — Defense contractor Harris Corp. recently acquired Exelis Inc. of McLean, Va., in a deal worth $4.6 billion.
"With about $8 billion in combined pro forma revenue, the acquisition creates significantly greater scale, bringing together two engineering-driven companies and workforces with similar cultures that value technology leadership," said Harris Chairman, President and CEO William M. Brown.
Among other business interests, Exelis manufactures precision optics and optical systems for ground-, sea-, air-, and space-based platforms and systems. The company reported net income of $249 million, or $1.29 per diluted share, and sales of $3.25 billion in 2014. Exelis has approximately 10,000 employees around the U.S., including at its optics division in Rochester, N.Y.
Harris is an international communications and information technology company serving government and commercial markets in more than 125 countries. The company generates approximately $5 billion in annual revenue and has about 13,000 employees.