US defence contractor L3Harris Technologies has completed its previously disclosed sale of electronic parts supplier Narda-MITEQ to US private equity firm J F Lehman & Company (JFLCO), L3Harris announced on 7 December.
Narda-MITEQ, which was part of L3Harris' Aviation Systems segment, makes amplifiers, converters, switches, and other devices for military and commercial systems, including airborne, land, and sea radar; countermeasure, guidance, and surveillance systems; and ground-based and satellite communication systems. It employs about 400 people at three facilities in New York state, Germany, and Italy.
“We believe Narda-MITEQ is well-positioned for growth as an independent entity and are thrilled to support the company's pursuit of its organic and acquisitive growth initiatives,” JFLCO vice-president Ben Hatcher said.
The announcement came a little over a week after L3Harris completed the sale of radome manufacturer Electronic Space Systems Corporation (ESSCO) to US-based Communications & Power Industries. L3Harris first disclosed in late October that it had agreed to sell ESSCO and Narda-MITEQ for a combined USD130 million as part of a portfolio reshaping process.
Divestitures resulting from the two-year portfolio reshaping effort have generated total gross proceeds of about USD2.8 billion.
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