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Harris Getting Out of Broadcasting
RADIO ONLINE | Wednesday, May 2, 2012 | 9:27am CT
A name once synonymous with broadcasting equipment is getting out of broadcasting. Equipment manufacturer Harris is still doing well and has seen its business from government contracts boom -- just not from the broadcasting side. In a press release, the company said: "The decision to divest Broadcast Communications resulted from a thorough review of our business portfolio, which determined that the business is no longer aligned with the company's long-term strategy. The plan to sell these assets supports our disciplined approach to capital allocation, and we intend to use the proceeds to return cash to shareholders and invest in growing our core businesses."
But don't worry. Harris is still doing fine. Headquartered in Melbourne, Florida, the company has approximately $6 billion of annual revenue and about 17,000 employees. (05-02-12)
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