Harris Buys Government Info. Firm - Radio World

Harris Buys Government Info. Firm

Harris Buys Government Info. Firm
Author:
Publish date:

As it begins to make additional cost reductions in its commercial divisions, Harris Corp. is expanding in other areas. It said it has signed a $66 million cash deal to acquire Orkand Corp., which provides technical services and information technology for U.S. government agencies.
Orkand has 1,000 employees and is headquartered in Virginia. It provides information technology services under contracts with various federal agencies. Its revenue for the 12 months ended in March 2004 was $80 million.
Harris Corp. CEO Howard Lance said gains new customers with the acquisition. "Most government contractors require a track record of past performance to" bid on new business.
He said the acquisition provides Harris with established customers and positions Harris for further growth. "This is not just one-time step up in revenue."
Harris also has completed the previously announced sale of its telecom tools, test sets and test systems product line to Danaher Corp. for $50 million.

Related