Harris Considers Selling Subsidiary
[Satellite Today 12-09-08] Harris Corp. is evaluating strategic alternatives related to its majority-owned subsidiary, Harris Stratex Networks, a backhaul solutions provider for mobility and broadband networks, Harris announced Dec. 9.
Harris owns 56 percent of Harris Stratex Networks, which was formed in January 2007 through the combination of the Harris Microwave Communications division and Stratex Networks. At the time of the combination, Harris agreed to certain limitations on changes in its ownership in Harris Stratex Networks prior to Jan. 26, 2009.
“Alternatives under consideration include a spin-off, split-off, secondary public offering or a sale of all or part of our shares,” Howard Lance, chairman, president and CEO of Harris, said in a statement. "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."