Harris to Spin Off Stratex

The Board of Directors of Harris approved the spinoff of all the shares of Harris Stratex Networks owned by Harris Corp.

March 31, 2009

2 Min Read

MELBOURNE, Fla. -- The Board of Directors of Harris Corporation (NYSE: HRS), an international communications and information technology company, has approved the spin-off to its shareholders of all the shares of Harris Stratex Networks, Inc. (Nasdaq: HSTX) owned by Harris Corporation.

The distribution of the approximately 56 percent of the outstanding shares of Harris Stratex Networks owned by Harris Corporation, 32.9 million shares, will take place in the form of a taxable pro rata stock dividend payable on May 27, 2009, to Harris Corporation shareholders of record at the close of business on May 13, 2009, the record date for the spin-off dividend. Harris Corporation shareholders will receive approximately .24 of a share of Harris Stratex Networks for every share of Harris Corporation common stock they own on the record date. The final distribution ratio will be set on the record date by dividing the number of Harris Stratex Networks shares to be distributed in the spin-off by the number of Harris Corporation shares outstanding at the close of business on the record date.

Harris Corporation announced December 8, 2008, that it was evaluating strategic alternatives related to Harris Stratex Networks, which was formed January 26, 2007, through the combination of Harris Corporation's Microwave Communications Division and Stratex Networks, Inc.

"The Board of Directors evaluated various alternatives and determined that the spin-off dividend is in the best interest of Harris Corporation shareholders," said Howard L. Lance, chairman, president and chief executive officer of Harris Corporation. "Harris Stratex Networks has a strong management team in place that is capable of taking the company forward. As the largest independent provider of wireless transmission solutions, the company is well positioned for long-term success in serving the global transition to IP networks, the evolution to 4G technologies, and the continuing expansion of wireless infrastructure in emerging markets."

Harris Corp. (NYSE: HRS)

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