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Share Name | Share Symbol | Market | Type |
---|---|---|---|
L3 Technologies, Inc. | NYSE:LLL | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 245.17 | 0.00 | 01:00:00 |
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We are merging with Harris because we believe, and the Board agrees, this is in the best interests of our employees, customers and our shareholders.
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The combination of L3 and Harris will create the non-traditional 6
th
Prime that we have been working towards and our customers have been waiting for.
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As a result of the merger, we will greatly accelerate our growth strategy and diversify our capabilities.
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The combined company will have increased scale, while remaining agile, innovative and mission-focused.
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Together we will have over $16 billion in revenue, approximately 48,000 employees and will serve more than 100 countries worldwide.
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Harris is a leading technology innovator, solving customers’ toughest mission-critical challenges by providing solutions that connect, inform and protect.
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Harris has a reputation for quality and integrity, and shares our dedication to innovation. L3 and Harris’ vision, mission and values are closely aligned.
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The company is headquartered in Melbourne, Florida and has approximately 17,000 employees operating across three business segments: Communication Systems, Electronic
Systems, and Space & Intelligence Systems.
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This is an exciting opportunity for employees to become part of a larger, more diversified global technology company serving the defense and commercial aerospace
markets.
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The new company will maintain L3’s entrepreneurial spirit with stronger capabilities and broader scale.
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L3 employees will be part of an even stronger, healthier company with the enhanced resources to support next-gen R&D and better serve our customers.
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Our highly-engaged workforces are critical to the success of L3 and Harris, and will be the foundation of our long-term success as a combined company.
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Our new company will be named L3 Harris Technologies, Inc., and will be a true partnership of two well-respected, technologically advanced and highly innovative
organizations.
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The company will be headquartered in Melbourne, Florida.
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We have taken a very deliberate and thoughtful approach to succession planning.
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Bill Brown, the current President and CEO at Harris, will serve as CEO of the combined company for the first two years after the deal closes, during which time Chris
will serve as President and Chief Operating Officer.
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After the first two years, Chris Kubasik will become President and CEO.
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The company’s 12-member board of directors will be comprised of six representatives from each company’s current board.
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The transaction is expected to close in mid-2019. L3 and Harris will continue to operate as separate companies until the merger closes.
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During this time, it is critical that we all stay focused on our day-to-day responsibilities and serving our customers.
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Chris and Bill will co-head the integration planning process to bring together the best people, capabilities and technologies.
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We will be communicating with everyone in the coming weeks and months as the integration planning process moves forward.
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For legal reasons, we must all be careful not to discuss private or sensitive
information with
Harris employees during the integration period unless directed to do so.
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If you have questions about our company policy for interacting with Harris employees during the integration planning process, please refer to the Employee Protocols
& Guidelines checklist available on the L3 Intranet.
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As of now, no decisions have been made and both businesses will continue to operate as separate entities until the close of the transaction. As part of the integration
review process, we will examine the employee workforce and facilities of both companies to determine where it may be appropriate to consolidate operations. We are committed to communicating in a timely and transparent manner as we
move forward and decisions are made.
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Over the coming weeks and months as decisions are made, we will communicate openly and transparently along the way.
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For now, we should all remain focused on our day-to-day responsibilities and delivering high quality products and services to customers.
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Both businesses will continue to operate as separate entities until the close of the transaction and your compensation and benefits will generally remain the same other
than normal changes as part of our annual open enrollment and annual merit cycle. The integration team will examine various disparate benefit programs and make recommendations on opportunities to ensure employees continue to have
competitive salaries and high-quality benefits. We are committed to communicating in a timely and transparent manner as we move forward and decisions are made.
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Until the merger closes, which is expected in mid-2019, your health plan and other benefits will generally remain the same, subject to routine updates as part of our
annual benefit review.
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We are not planning any material changes to L3 employee health plan benefits at this time, and employees should continue to follow normal enrollment procedures.
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If there is migration to the other party’s plans after the merger closes, both L3 and Harris have generally agreed to give the other party’s employees service credit
for eligibility, vesting and accrual purposes (except for benefit accruals under pension plans).
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For now, nothing will change.
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We encourage all employees to remain focused on delivering the highest quality products and services our customers have come to expect.
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Additional information has been posted on the
L3 Intranet,
as well as to our corporate website.
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We have created a transaction microsite to provide additional details and we encourage you to visit the
Merger Transaction Website.
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We will keep you informed and provide relevant updates on the L3 Intranet and microsite as developments occur.
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Please email questions to
merger.questions@l3t.com
and we will continue to update this FAQ document to keep employees
current on new developments.
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Please direct any media inquiries to Jennifer Barton
Jennifer.Barton@l3t.com
and investor
inquiries to John Kim
John.Kim@l3t.com
.
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