MELBOURNE, Fla.: L3Harris Technologies (NYSE: LHX) has completed the sale of a majority stake in its commercial space propulsion, power and electronics businesses to AE Industrial Partners at a total enterprise value of $845 million.

The company expects to use the proceeds to invest in facilities and advanced technologies to meet unprecedented demands for growth.

L3Harris’ RS-25 rocket engine operations were excluded from the sale, and the company will maintain a ~40% ownership stake in AE Industrial Partners’ new space technologies business, which will be named Rocketdyne.

About L3Harris Technologies

L3Harris is the Trusted Disruptor in defense tech. With customers’ mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management’s current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the use of proceeds, future capacity and future demand are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Fonte: Business Wire