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#Harris to buy @Exelis for nearly $5 billion

Updated: Friday, February 6 2015, 12:47 PM EST Rochester, NY – Harris Corp. will buy Exelis Inc. for about $4.75 billion. The companies made the announcement on Friday. The CEO of Harris Corp. said this acquisition is great news for Rochester. “The combination of the two companies’ highly complementary core franchises creates a competitively stronger company with significantly greater scale. We are expanding in a market, where we have decades of success and a workforce dedicated to providing our customers with innovative and cost-effective solutions for some of their most complex challenges,” said William M.  Brown, chairman, president and chief executive officer of Harris. Harris RF Communications in Rochester makes radio systems for the military. It is a subsidiary of Harris Corporation. Exelis’ geospatial systems division employs people in Gates and Rochester. Harris said it expects to save $100 million to $120 million over the next three years by consolidating headquarters and eliminating costs. Harris employs about 13,000 people.  It is based in Melbourne, Florida, and Exelis, which employs about 10,000, is based in McLean, Virginia. The cash and stock transaction, valued at $23.75 per share, has been approved by the boards of directors of both companies. It is expected to close in June.

Read More at: http://www.13wham.com/news/features/top-stories/stories/harris-buy-exelis-nearly-5-billion-19899.shtml