L3 and Harris Order Dessert to Top Off the 'Last Supper' Consolidation Wave That Began 25 Years Ago
The highly consolidated U.S. defense industry traces its roots to a 1993 meeting between contractors and the Department of Defense, where the former were instructed to merge because of budget cuts; industry executives refer to this event as the "last supper." The denouement of this consolidation wave was unveiled Oct. 14 with the announcement that L3 Technologies and Harris will merge to create L3 Harris Technologies. This is an all-stock merger (1 Harris share to 1.3 L3 shares) and management a...L3 Technologies is a defense technology company. The company's segments include: Intelligence, Surveillance and Reconnaissance systems, which provides engineering, modernization and sustainment solutions for military and various government aircraft, ground support equipment and other platforms; Communications and Networked Systems, which provides network and communication systems, communications products, radio frequency components, satellite communication terminals and space, microwave and telemetry products; and Electronic Systems, which provides a range of products and services, including components, products, subsystems, systems and related services to military and commercial customers.
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