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Harris Corp. to Buy Leitch

Harris Corp. to Buy Leitch

Harris Corporation has an agreement to buy all of the shares of Leitch Technology Corporation for what the company says equals about U.S.$450 million. Leitch makes video systems for the television broadcast industry, including routers and distribution equipment, signal processing, signal management and monitoring, servers and storage area networks, branding software and post-production editing systems.
Harris Chairman/President/CEO Howard Lance said the Leitch product line complements Harris’ and the acquisition would allow Harris to quickly expand its presence in these product markets as customers seek to upgrade various parts of their signal chain to digital offerings.
If it closes as hoped within 60 days, the Leitch deal follows on the acquisition of Encoda Systems in November 2004.
The Leitch deal needs approval by Leitch shareholders, regulatory bodies and the courts.