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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
(Score: 0) by Anonymous Coward on Tuesday October 16 2018, @12:54AM (2 children)
Wasn't Lockheed-Martin Marietta the biggest merger?
(Score: 2) by takyon on Tuesday October 16 2018, @02:57AM (1 child)
Lockheed and Martin Marietta Set to Merge in $10 Billion Deal [nytimes.com] (1994)
Guess it depends on how you measure it.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 0) by Anonymous Coward on Tuesday October 16 2018, @09:24AM
Hm... The Lockheed-Martin merger in the 90s, producing the biggest defense contractor in the world, is valued at $10B, while this merger producing still a second-tier player is valued at three times that only two decades later. What do you know, the defense market did indeed grow a huge amount since the 9/11.