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Harris Completes Acquisition of Tyco Electronics Wireless Systems
On May 29, 2009, Harris completed its previously announced acquisition of the Tyco Electronics Wireless Systems business (formerly known as M/A-COM). Wireless Systems is an established provider of mission-critical wireless communications systems for law enforcement, fire and rescue, and public service organizations. Excluding acquisition-related charges, the acquisition is expected to be neutral to Harris non-GAAP earnings in fiscal 2009 and slightly accretive in fiscal 2010. The acquisition is expected to be a significant contributor to Harris earnings in fiscal 2011 and fiscal 2012. "The combination of the Wireless Systems business with our very successful RF Communications business creates a powerful supplier in the growing $9 billion global land mobile radio systems market," said Howard L. Lance, chairman, president and CEO of Harris. "This acquisition greatly accelerates our entry into the federal, state and local public safety markets and creates a significant opportunity for new growth. The acquisition was completed ahead of schedule and integration activities are underway." |
