L3Harris to Sell Combat Propulsion Systems Unit to Renk for About $400 Million
March 01 2021 - 7:01AM
Dow Jones News
By Dave Sebastian
L3Harris Technologies Inc. said it has agreed to sell its combat
propulsion systems unit to Renk AG for about $400 million in cash
as the aerospace and defense company seeks to focus on its core
technologies.
L3Harris on Monday also said it agreed to sell its
military-training business for $1.05 billion to Canadian aerospace
company CAE Inc. L3Harris said it plans to use proceeds from the
divestitures for share buybacks.
The combat propulsion systems business makes military engines
and transmissions and generated about $230 million in revenue in
2020, the company said.
Renk is a Germany-based maker of gear units, automatic
transmissions, slide bearings, suspension systems, couplings and
test systems.
The companies expect the deal to close in the second half of the
year.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
March 01, 2021 06:46 ET (11:46 GMT)
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