"We're not for sale," says Harris Corp CEO

lunedì 2 giugno 2008 17:23

By Andrea Shalal-Esa

WASHINGTON (Reuters) - U.S. defense communications and information technology company Harris Corp (HRS.N: Quotazione), breaking its silence after weeks of speculation, said on Monday the company is not for sale and is not pursuing a merger, sending its stock down more than 15 percent.

"Harris is not pursuing any transaction. We're not for sale," Chairman, President and Chief Executive Howard Lance told Reuters in a telephone interview.

He said Harris did not initiate a process to sell itself, despite media reports and market speculation that it was looking for a buyer.

Lance said he and the board of directors had great confidence in the future of Harris, which has doubled its size and seen its share price quadruple in the past five years.

He said introduction of new products, expanded international sales and strategic acquisitions would continue to fuel growth.

"We think we have a lot going for us going forward," he said, noting that international sales, commercial activities and non-defense governmental work would help offset any decline in sales resulting from an expected slowdown in the growth of defense spending.

"The whole area of communications and IT is going to continue to be a very good place to be," he said. "I just don't think we're serving a market that overnight is going to dry up and go away."

Harris has government and commercial customers in more than 150 countries, generating annual revenues of over $5 billion, and more than 16,000 employees.   Continua...