Harris, Stratex Announce Microwave Deal

Harris Corp. signed a deal with Stratex Networks under which the Harris’ Microwave Communications Division will combine operations with Stratex to form a new company.
The entity will be called Harris Stratex Networks Inc. and have combined annual revenue of approximately $600 million. The company provides wireless transmission network products and services. Harris pays $25 million cash and will have 56 percent ownership. Both boards have approved; the deal awaits the OK of Stratex Networks shareholders and regulators.
Harris will consolidate the results of the new company in its financial statements and show minority interest for the portion of the company that it will not own.