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Harris Corp. and L3 Technologies Plan to Merge and Become the Sixth Largest U.S. Defense Contractor

posted by martyb on Monday October 15 2018, @03:21PM   Printer-friendly
from the getting-bigger dept.

takyon writes:

Defense giants Harris, L3 Technologies to merge

Harris Corp. and L3 Technologies Inc. on Sunday announced plans to combine in the largest-ever defense merger, reacting to Pentagon efforts to get companies to boost investment and speed the development of weapons.

The enlarged company would have annual sales of around $16 billion this year and 48,000 staff, ranking sixth among U.S. defense contractors by revenue as the industry enjoys a bump in Pentagon spending after five years of budget cuts.

The deal, first reported by The Wall Street Journal on Saturday, would unite two companies with a combined market value of about $33.5 billion.

Also at Bloomberg, Reuters, and The Washington Post.

See also: Schumer: Rochester won't lose jobs as a result of Harris Corp. merger

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  • (Score: 2) by bob_super on Monday October 15 2018, @04:55PM

    by bob_super (1357) on Monday October 15 2018, @04:55PM (#749129)

    "Seriously, we need more competitors trying everything they can to win bids" says a joint press release of the DC lobbying association and Congress.

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