Harris Corporation Evaluating Strategic Alternatives Related to Its Ownership in Harris Stratex Networks, Inc.
December 08 2008 - 5:44PM
PR Newswire (US)
MELBOURNE, Fla., Dec. 8 /PRNewswire-FirstCall/ -- Harris
Corporation (NYSE:HRS), an international communications and
information technology company, announced today that it is
evaluating strategic alternatives related to its majority-owned
subsidiary, Harris Stratex Networks, Inc. (NASDAQ: HSTX). Harris
currently owns 56 percent of Harris Stratex Networks, which was
formed January 26, 2007, through the combination of the Harris
Microwave Communications Division and Stratex Networks, Inc. At the
time of the combination, Harris agreed to certain limitations on
changes in its ownership in Harris Stratex Networks prior to
January 26, 2009. "We will evaluate a number of different
alternatives to determine which can provide the greatest value to
Harris shareholders," said Howard L. Lance, chairman, president and
chief executive officer of Harris Corporation. "Alternatives under
consideration include a spin-off, split-off, secondary public
offering, or a sale of all or part of our shares. "Harris Stratex
Networks has made significant progress since its formation, but we
do not believe the business has a strong strategic fit with the
rest of the Harris portfolio," Lance said. "A strong management
team is in place and capable of taking the company forward. As the
largest independent provider of wireless transmission solutions,
the company is positioned for long-term success. Significant
investments have been made in new technology platforms to address
the global transition to IP networks, the evolution to 4G
technologies, and the continuing expansion of wireless
infrastructure in emerging markets." About Harris Stratex Networks,
Inc. Harris Stratex Networks, Inc. is a leading specialist in
backhaul solutions for mobility and broadband networks. The company
offers reliable, flexible and scalable wireless network solutions,
backed by comprehensive professional services and support. Harris
Stratex Networks serves all global markets, including mobile
network operators, public safety agencies, private network
operators, utility and transportation companies, government
agencies and broadcasters. For more information, visit
http://www.harrisstratex.com/. About Harris Corporation Harris is
an international communications and information technology company
serving government and commercial markets in more than 150
countries. Headquartered in Melbourne, Florida, the company has
annual revenue of $5.4 billion and 16,000 employees -- including
nearly 7,000 engineers and scientists. Harris is dedicated to
developing best-in-class assured communications(R) products,
systems, and services. Additional information about Harris
Corporation is available at http://www.harris.com/. Forward-Looking
Statements This press release contains forward-looking statements
that reflect management's current expectations, assumptions and
estimates of future performance and economic conditions. Such
statements are made in reliance upon the safe harbor provisions of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The company cautions investors
that any forward-looking statements are subject to risks and
uncertainties that may cause actual results and future trends to
differ materially from those matters expressed in or implied by
such forward-looking statements. Statements about the expected long
term outlook of Harris Stratex Networks are forward-looking and
involve risks and uncertainties. Harris disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. For additional information, contact Harris Corporation
at . DATASOURCE: Harris Corporation CONTACT: Investor Relations,
Pamela Padgett, +1-321-727-9383, ; or Media, Jim Burke,
+1-321-727-9131, , both of Harris Corporation Web site:
http://www.harris.com/ http://www.harrisstratex.com/
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