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takyon [soylentnews.org] writes:

Defense giants Harris, L3 Technologies to merge [marketwatch.com]

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 [bloomberg.com], Reuters [reuters.com], and The Washington Post [washingtonpost.com].

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

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