The earnings from this acquisition will help the technology company to pre-fund its pension.
L3Harris Technologies, an American aerospace and defense contractor, and a technology service provider of wireless equipment, C6ISR systems and tactical radios, has recently finalized the sale of Harris Night Vision business to Elbit Systems of America, LLC, for US$350 million in cash.
For the uninitiated, Elbit is a renowned system solution manufacturer that focuses on homeland security, defense, commercial aviation projects and high-performance products. Reportedly, L3Harris had divested the business due to the regulatory proceedings relating to the acquisition of L3 Technologies and Harris Corporation.
Moreover, the company has maintained the legacy L3 Warrior Mission Solutions business that manufactures and develops fully qualified electro-optical components and advanced night vision systems for law enforcement, the U.S military, allied nations and first responder agencies around the world.
According to Bezhalel (Butzi) Machlis,President & CEO, Elbit Systems, the technological strength and market position of Harris Night Vision plays a significant role in their long-term growth strategy, with an exclusive attention on the U.S. The firm believes that the accomplishment of this merger will be valuable for bothHarris Night Vision and Elbit Systems employees and customers.
Reportedly, Elbit Systems is involved in a variety of homeland security, commercial and defense programs worldwide. The organization, which comprises ofElbit Systemsand its subsidiaries, functions in the sections of land, naval and aerospace systems like communications, command, control, reconnaissance ("C4ISR") and intelligence surveillance.
It also deals with technologies like advanced electro-optics, unmanned aircraft systems, EW suites, electro-optic space systems, communications systems and data links, signal intelligence systems, cyber-based systems and radios, and munitions.
In addition to this, the firm is determined on developing new technologies for homeland security, commercial applications and defense, modernizing the existing platforms and offering a variety of support services, like simulation systems and training.
Source Credit: https://www.l3harris.com/press-releases/2019/09/88341/l3harris-technologies-completes-sale-of-harris-night-vision-business-to-elbit-systems-of-america
http://ir.elbitsystems.com/news-releases/news-release-details/elbit-systems-us-subsidiary-completes-acquisition-harris-night