M&A

Reshaping of L3Harris continues

With one pending divestiture in the works, L3Harris Technologies has found a buyer for another business amid the defense company’s ongoing post-merger review of its portfolio.

Adaptas Solutions said Wednesday it has agreed to acquire the applied kilovolts and analytical instrumentation business of L3Harris. Terms of the transaction were undisclosed, but an L3Harris spokesman told WT that business has less than 100 employees in Rochester, New York and the U.K.

The business makes high-voltage power supplies and ion detectors for customers in fields such as biotechnology, materials science, healthcare, forensics, environmental sciences and homeland security.

L3Harris launched last summer after the merger of Harris Corp. and L3 Technologies closed. Since then, the combined company has been open about how it is deciding the businesses to retain and those not seen as in the core.

The first such divestiture was announced earlier this month, where Leidos will pay $1 billion to acquire the global airport security and automation product businesses of L3Harris. Both companies expect to close the transaction by June.

Between 8 percent and 10 percent of total L3Harris revenue could be divested over time with several potential sales “in process or in detailed planning,” CEO Bill Brown said in a February earnings call. The company reported nearly $18.1 billion in pro forma revenue last year.

Palmer, Massachusetts-based Adaptas is owned by private equity firm Ampersand Capital Partners.

About the Author

Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at rwilkers@washingtontechnology.com. Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.

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