Harris Looks to Sell Broadcast Communications Division
May 1, 2012 11:52 AM
Melbourne, FL - May 1, 2012 - In its recent fiscal report, Harris announced plans to divest its Broadcast Communications division. The decision to divest the group resulted from a review of the company's business portfolio, which determined that the business is no longer aligned with Harris' long-term strategy. William M. Brown, president and chief executive officer, said, "The plan to sell the assets supports our disciplined approach to capital allocation, and we intend to use the proceeds to return cash to shareholders and invest in growing our core businesses."
Harris' other divisions include RF Communications, Integrated Network Solutions and Government Communications Systems.
In an inquiry about the pending sale, Radio magazine was told that it's still business as usual for the Harris Broadcast division. With the news just being announced, no potential buyers have been identified yet. The Broadcast division will continue to manufacture and service its product lines.
Harris Morris, president of the Harris Broadcast Communications Division shared this letter:
Today, Harris announced its decision to divest the Broadcast Communications business. I fully support this decision and believe that the timing is right for both Harris and Broadcast Communications.
Harris has supported us by investing in our business, allowing us to develop some of the market''s most innovative, solution-based technologies. However, over time Broadcast Communications has become less aligned with the Harris core businesses and long term strategy.
Operating independently or as part of a broadcast or media-focused enterprise will provide us with strategic investment, increased competitive flexibility, and customer focus to lead the continuing transformation in this competitive marketplace.
The decision to divest in no way reflects the quality of the work Broadcast Communications performed in support of our customers and our company. Harris simply determined that Broadcast Communications could provide higher value and operate more effectively under a different ownership model.
In the interim, Broadcast Communications will continue to be a part of Harris Corporation and operate business as usual. Our valued relationships, both longstanding and new, remain our top priority. The global team will continue to work diligently to ensure our commitment to our customers and partners remains steadfast, our execution to fulfill commitments is flawless, and our progress against strategic objectives remains focused.
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