Harris completes $4.75B acquisition of Exelis
- By Mark Hoover
- May 29, 2015
Harris Corp. has completed its $4.75 billion acquisition of Exelis Inc. in a move that significantly increases the size of Harris.
The deal adds $3.25 billion in revenue to Harris’ already $5 billion in revenue, and adds another 13,000 employees to make the total number of employees around 23,000.
The acquisition was announced in February.
According to Harris executives, the deal was about scale, particularly in the defense market in which both companies have a strong stake.
“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 William M. Brown, chairman, president and chief executive officer of Harris.
The two companies both also have significant international and commercial sectors.
Mark Hoover is a senior staff writer with Washington Technology. You can contact him at email@example.com, or connect with him on Twitter at @mhooverWT.