Harris Plans To Sell Off Its Broadcast Division
May 1, 2012 at 7:47 AM (PT)
HARRIS CORP., while reporting a fiscal third-quarter loss, announced plans to sell its broadcast communications unit, reports THE WALL STREET JOURNAL. "The communications and information-technology company has been diversifying its businesses through acquisitions in recent years as constrained government spending dampens Defense Department orders and revenue. After reviewing its business portfolio, HARRIS on TUESDAY said it decided the broadcast communications business was no longer aligned with its long-term strategy."
HARRIS noted it would use proceeds from the sale to return cash to shareholders and to invest in its core businesses.