NEW YORK, NY / ACCESSWIRE / October 16, 2018 / L3 Technologies and Harris Corporation both saw big gains as Wall Street digested Sunday’s announcement that the two will be merging in the largest defense merger in history. L3 Technologies also reported first quarter results.

RDI Initiates Coverage on:

L3 Technologies, Inc.
https://rdinvesting.com/news/?ticker=LLL

Harris Corporation
https://rdinvesting.com/news/?ticker=HRS

L3 Technologies, Inc. shares closed up 12.84% on nearly 4 million shares traded. The stock hit a new high of $222.64 during intraday trading after it was announced over the weekend that the company has inked a merger deal with Harris Corporation. Company Chairman, President and Chief Executive Officer, Christopher E. Kubasik said, “This merger creates greater benefits and growth opportunities than either company could have achieved alone. The companies were on similar growth trajectories and this combination accelerates the journey to becoming a more agile, integrated and innovative non-traditional 6th Prime focused on investing in important, next-generation technologies. L3 Harris Technologies will possess a wealth of technologies and a talented and engaged workforce. By unleashing this potential, we will strengthen our core franchises, expand into new and adjacent markets and enhance our global presence.”

Access RDI’s L3 Technologies, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=LLL

Harris Corporation shares closed up nearly 12% on Monday on about 4.7 million shares traded. The stock hit a new high of $174.29 after it was revealed on Sunday that the company and L3 Technologies are joining together in a ‘merger of equals’ to create a $34M defense company. This is the largest defense merger so far in history. Australia-based Harris Corp. and New York-based L3 Technologies have agreed to a "transformational merger of equals." The combined company will be called L3 Harris Technologies Inc. and will have its headquarters in Melbourne. The stock deal is valued at $33.5 billion and is based on current stock prices. L3 has about 100 employees while Harris has a staggering 6,600 people. President and Chief Executive Officer, William M. Brown stated, “This transaction extends our position as a premier global defense technology company that unlocks additional growth opportunities and generates value for our customers, employees and shareholders. Combining our complementary franchises and extensive technology portfolios will enable us to accelerate innovation to better serve our customers, deliver significant operating synergies and produce strong free cash flow, which we will deploy to drive shareholder value. Integration planning is already underway, and from our extensive experience with integration, we are confident in our ability to realize $500 million of annual gross cost synergies and $3 billion of free cash flow by year 3.” The company also reported strong first quarter results revealing revenue of $1.5 billion, up 9% compared with the prior year, and earnings per diluted share from continuing operations at $1.78, a jump of 31%.

Access RDI’s Harris Corporation Research Report at:
https://rdinvesting.com/news/?ticker=HRS

Our Actionable Research on L3 Technologies, Inc. (NYSE: LLL) and Harris Corporation (NYSE: HRS) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com