Harris Corp. is evaluating strategic alternatives related to its majority-owned subsidiary, Harris Stratex Networks, Inc. Harris currently owns 56 percent of Harris Stratex Networks, which was formed nearly two years ago, through the combination of the Harris Microwave Communications Division and Stratex Networks, Inc. At the time of the combination, Harris agreed to certain limitations on changes in its ownership in Harris Stratex Networks prior to January 26, 2009.
"We will evaluate a number of different alternatives to determine which can provide the greatest value to Harris shareholders," said Howard L. Lance, chairman, president and chief executive officer of Harris Corporation. "Alternatives under consideration include a spin-off, split-off, secondary public offering, or a sale of all or part of our shares."
"Harris Stratex Networks has made significant progress since its formation, but we do not believe the business has a strong strategic fit with the rest of the Harris portfolio," Lance said. "A strong management team is in place and capable of taking the company forward. As the largest independent provider of wireless transmission solutions, the company is positioned for long-term success. Significant investments have been made in new technology platforms to address the global transition to IP networks, the evolution to 4G technologies, and the continuing expansion of wireless infrastructure in emerging markets."
