Harris Corporation Agrees to Sell Telecom Tools and Test Systems Product Line
May 10 2004 - 9:30AM
PR Newswire (US)
Harris Corporation Agrees to Sell Telecom Tools and Test Systems
Product Line MELBOURNE, Fla., May 10 /PRNewswire-FirstCall/ --
Harris Corporation has signed an agreement to sell its telecom
tools, test sets, and test systems product lines to Danaher
Corporation for approximately $50 million in cash, subject to
adjustments at closing. This business is currently part of the
Network Support segment, and provides products for
telecommunications maintenance and installation professionals.
Located in Camarillo, California, the business employs
approximately 100 people and had fiscal year 2003 revenue of $32
million. Harris' NetBoss(TM) network operations software business,
which is also part of the Network Support segment, is not included
in the sale. The transaction is expected to close later this month
and Harris expects to realize a gain from the sale. Harris
Corporation is an international communications technology company
focused on providing assured communications(TM) products, systems
and services for government and commercial customers. The company's
five operating divisions serve markets for government
communications, tactical radio, broadcast, microwave, and network
support systems. Harris provides systems and service to customers
in more than 150 countries. 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 date
of completion for the transaction, and the impact of the
transaction to Harris are forward-looking and involve risks and
uncertainties. Other factors that may impact the company's results
and forward-looking statements may be disclosed in the company's
filings with the SEC. 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. DATASOURCE:
Harris Corporation CONTACT: Tom Hausman, Harris Corporation,
+1-321-727-9131, or Web site: http://www.harris.com/
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