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MELBOURNE, Fla. and MCLEAN, Va., Feb. 6, 2015 Harris Corporation (NYSE:HRS) and Exelis, Inc. (NYSE:XLS) today announced a definitive agreement under which Harris will acquire Exelis in a cash and stock transaction valued at $23.75 per share, or an approximately $4.75 billion enterprise value. The agreement has been unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in June 2015 and is subject to customary closing conditions, including regulatory and Exelis shareholder approval. Under the terms of the transaction, Exelis shareholders will receive $16.625 in cash and 0.1025 of a share of Harris common stock, based on Harris’ closing price as of Feb. 5, 2015, for each share of Exelis common stock. Upon closing, Harris shareholders will own approximately 85 percent of the combined company, and Exelis shareholders will own approximately 15 percent. On a pro forma basis for the latest twelve months ended Dec. 31, 2014, the combined company would have had more than $8 billion in revenue and about 23,000 employees globally, including 9,000 engineers and scientists. “Acquiring Exelis is transformational for Harris,” said William M. Brown, chairman, president and chief executive officer of Harris. “The combination of the two companies’ highly complementary core franchises creates a competitively stronger company with significantly greater scale. We are expanding in a market, where we have decades of success and a workforce dedicated to providing our customers with innovative and cost-effective solutions for some of their most complex challenges.” “This agreement to become part of Harris Corporation represents an exciting new chapter for Exelis,” said David F. Melcher, chief executive officer and president of Exelis. “Combining the companies not only creates shareholder value, but the commitment to excellence and innovation that both companies share will significantly benefit customers and provide new opportunities for employees.” Melcher also noted, “Our 2014 was another strong year, and we expect to report revenue of approximately $3.25 billion and adjusted operating margin between 12.4 and 12.5 percent, which is in line with our previous guidance.” Exelis indicated that approximately $25 million of its anticipated free cash flow for 2014 shifted into 2015 due to some delayed collections, but that its estimate for 2015 free cash flow is being increased to approximately $275 million. Exelis also expects depreciation and amortization of approximately $106 million in 2014, net debt of $139 million and a net unfunded pension liability of approximately $1.9 billion at the end of 2014. Exelis ended the year with an estimated $2.8 billion in funded backlog.
About Harris Corporation
Harris is an international communications and information technology company serving government and commercial markets in more than 125 countries. Headquartered in Melbourne, Florida, the company has approximately $5 billion of annual revenue and about 13,000 employees — including 6,000 engineers and scientists. Harris is dedicated to developing best-in-class assured communications® products, systems, and services. Additional information about Harris Corporation is available at harris.com.
Exelis is a diversified, top-tier global aerospace, defense, information and services company that leverages a 50-year legacy of deep customer knowledge and technical expertise to deliver affordable, mission-critical solutions for global customers. Exelis is a leader in positioning and navigation, sensors, air traffic management solutions, image processing and distribution, communications and information systems; and focused on strategic growth in the areas of critical networks, ISR and analytics, electronic warfare and composite aerostructures. Headquartered in McLean, Virginia, Exelis employs approximately 10,000 people and generated 2014 sales of approximately $3.25 billion. For more information, visit www.exelisinc.com.
Federal grant expert to offer advice, assistance on SBIR, STTR funds at Purdue Foundry on weekly basis
WEST LAFAYETTE, Ind. – Entrepreneurs at Purdue University and in the Greater Lafayette community now have the opportunity to meet regularly with a state official and expert in Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) funds. Lisa Hoverman, Ph.D., Indiana’s SBIR/STTR program specialist from Lt. Gov. Sue Ellspermann’s Office of Small Business and Entrepreneurship (OSBE), will counsel Purdue Foundry and other clients by appointment on Fridays between 9 a.m. and noon. Purdue Foundry is an entrepreneurship and commercialization hub in Discovery Park’s Burton D. Morgan Center for Entrepreneurship, 1201 W. State St., West Lafayette. Greg Deason, vice president and executive director of Purdue Foundry, said Hoverman’s expertise with federal SBIR and STTR programs will benefit entrepreneurs and the local and state economies. “The highly competitive federal SBIR/STTR program encourages small businesses to engage in federal research and development on innovations that have strong potential for commercialization. This enables small businesses to explore new technologies by providing the incentive of profit from commercialization,” he said. “By including Hoosier small businesses in the nation’s research and development arena, high-tech innovation is stimulated, and Indiana’s economy gains entrepreneurial spirit as it meets specific federal needs.” Hoverman said she will work with Purdue Foundry clients in several ways, including one-on-one sessions, workshops and special events. “I will work with entrepreneurs interested in identifying and targeting the appropriate federal agencies for their technologies in one-on-one counseling sessions, help entrepreneurs understand grant solicitations and their requirements, and connect them with the best resources to strengthen the submission,” Hoverman said. “I also will engage clients in securing Phase I matching funds from the Indiana Economic Development Corporation and Elevate Ventures, and host training events and workshops throughout the year to help clients better understand the SBIR/STTR process.” To schedule an appointment with Hoverman at the Purdue Foundry, contact email@example.com.
About Purdue Foundry
The Purdue Foundry is an entrepreneurship and commercialization hub in Discovery Park’s Burton D. Morgan Center for Entrepreneurship whose professionals help Purdue innovators create startups. The Purdue Foundry is managed by the Purdue Research Foundation, which received the 2014 Incubator Network of the Year from the National Business Incubation Association for its work in entrepreneurship. For more information about funding and investment opportunities in startups based on a Purdue innovation, contact the Purdue Foundry at firstname.lastname@example.org Purdue Research Foundation contact: Steve Martin, 765-588-3342, email@example.com Sources: Greg Deason, 765-588-5254, firstname.lastname@example.org Lisa Hoverman, email@example.com
The DeKalb Chamber of Commerce is hosting the Fort Wayne area broadcast of Leadercast this year. NIDIA business leaders can access the knowledge and experience of world-renowned leaders by attending Leadercast® DeKalb hosted by DeKalb Chamber Partnership held at County Line Church in Auburn on May 8, 2015. The Leadercast event is broadcast LIVE from Atlanta, Ga. to hundreds of sites around the world, including DeKalb County. In 2015 we will dive in to what it means to be a leader worth following through bravery. An essential behavior for any leader is the act of bravery. Bravery is not a moniker that can be bought… it cannot be self-appointed. Bravery is not attributed to everyone, but is reserved for those whose innovation in their industry cause them to stand out from the crowd, whose unyielding effort and error push their organizations into new territories, and whose boldness compels them to stand up for those less fortunate. These are The Brave Ones. The Brave Ones have existed throughout history. Some are unforgettable icons, others names will never be remembered. They exist across all industries, societies, and at every level of leadership. Join us at Leadercast DeKalb on May 8, 2015 as we explore The Brave Ones, and learn what it means to lead in such a way that create bold cultures, builds faithful employees, and produces high achievement. View Event Flyer Get Directions to Event Venue
2015 Speaker Lineup
- Andy Stanley – Leadership Author & Communicator
- Malala Yousafzai – “Bravest Girl in the World” – CNN
- Ed Catmull – President of Pixar & Disney Animation Studios
- Set Godin – Innovative Thinker & Best-Selling Author
- Rudy Giuliani – 107th Mayor of New York City (1993-2001)
- Aja Brown – Mayor, City of Compton
- Bill McDermott – CEO of SAP AG
- CMDR Rorke Denver – Navy SEAL Commander & Author
- Bill & Giuliana Rancic – Award-Winning Personalities & Co-Hosts of Leadercast
- …and more!
Last year, over 100,000 leaders from 14 countries attended Leadercast. Now, in its 16th year, this full day, experiential conference is on track to reach its largest audience to date.
What people are saying about Leadercast DeKalb:
“BEST Leadership training event of my year & I attend 10+ per year.” “It was a wonderful day! I got quite a lot out of it and will apply it to my work.” “I can’t wait to invite my colleagues next year!” See You There!
Dear Big Goal Partners, The purpose of this communication is to seek commitments for industry representatives to participate in the Gallup Strengths Coaching training the week of March 2 to the 6th. The course market value is $7,500 and is in direct support of our region’s Big Goal career connection efforts. Despite the near term setback with the Lilly Endowment, we remain committed to the career connection strategy that we outlined as exactly the game-changing effort this region needs to engage our high school students with the high-wage, high-growth jobs in your industry. Our students must be prepared for the jobs of the future, and we understand that you need an incoming workforce prepared and motivated to help your company grow. With this in mind, we are moving forward with a pilot of the strengths-based career connection effort we spoke with you about in the summer. You may recall that this effort will connect students directly to representatives of our region’s target industries that have been trained and certified as Gallup Strengths Coaches. Gallup Strengths Coaching is a professional development model that focuses on developing the student and employee strengths rather than mitigating weaknesses. It’s been employed by Fortune 500 companies around the globe, as well as in schools and universities. We believe this approach provides a foundation for a “common language” for the career connection that we know is critical to the development of our talent pipeline in Northeast Indiana. We have arranged for Gallup to come to Fort Wayne the week of March 2nd through March 6th to train 20 Strengths Based Coaches. We aim to have ten coaches from industry as well as ten from our New Tech high school partners. We are seeking a commitment for an individual from your company to participate in this valuable training and subsequent coaching. This is a week-long training session that will occur in Fort Wayne. Participants will be required to attend the entire 4 ¼ day training to achieve certification. Your designated employee will receive the full course value of $7,500 in professional development expertise (at no cost to companies aside from their time commitment). The course will provide the knowledge and certification for participants to:
- Help others understand their talents and how to use them to produce results and reach their goals.
- Advise on how to overcome obstacles, weaknesses, and vulnerabilities.
- Educate others about how to use strengths to transform their relationships.
- Help individuals understand their unique strengths in the context of others.
- Help managers use strengths-based techniques to address specific team-related issues.
- Teach teams use their unique talents for greater productivity.
The attached PDF provides additional information on the course and a description of Strengths Coaching Certification can be found at: https://www.gallupstrengthscenter.com/Purchase/en-US/Certification The ideal candidate from your company would be an individual with a firm understanding of your industry and one who works well with other team members. This coach will ultimately connect to high school students, so they should be comfortable with this demographic and show potential for leadership and developing others. We believe that this would be an exceptional professional development opportunity for emerging leaders or Human Resource professionals. Please respond to Carrie Gillenwater at firstname.lastname@example.org by Monday January 19 if you are able to commit to this training. If you are able to commit, please provide us with that person’s name and email who will participate as early as possible. We have 10 available slots, so placement will be on a first come, first serve basis. Please do not hesitate to contact John Sampson (469-3471) or Ryan Twiss (469-3464) if you should have questions on the details. Our sincere thanks for your support!
The Northeast Indiana Procurement Technical Assistance Center (PTAC) is collaborating with the Northeast ISBDC to offer two upcoming workshops on government contracting that will take place on February 20 and March 11 at the NE-ISBDC. In addition, the local PTAC is also partnering with the Northeast Indiana Defense Industry Association (NIDIA), Indiana University-Purdue University Fort Wayne (IPFW), and various organizations to present a NIDIA Mega Conference on April 17 at IPFW. Introduction to Government Contracting will take place on Friday, February 20, at from noon to 1:30 p.m., at the Northeast ISBDC. This workshop, which is free of charge and open to business owners, will discuss the following topics:
- Introduction to Government Contracting
- Procurement Cycles
- How Contracts are Awarded
- Federal Contracting Basics
- Registrations and Certifications
- Identifying and Bidding on Federal Contracts
- State of Indiana Contracts
- PTAC Services
Marketing to the Federal Government is scheduled for Wednesday, March 11, from noon to 1:30 p.m. at the Northeast ISBDC. Among the topics of this workshop, which also is free of charge and open to business owners, are as follows:
- Federal Business Opportunities—What the Government Buys
- System for Award Management (SAM)
- Classification of Products and Services
- Small Business Certifications
- How the Government Awards Contracts
- Indiana PTAC’s Free BidMatch Services
- Defense Logistics Agency (DLA) and General Services Administration (GSA)
- Marketing Strategies for Government Contracting
2015 NIDIA Mega Conference will take place in the IPFW Walb Student Union’s International Ballroom on Friday, April 17. This all-day event is open only to members of the Northeast Indiana Defense Industry Association (NIDIA) and includes a complimentary lunch courtesy of NIDIA and the Northeast Indiana Regional Partnership (NEIRP). The theme of the conference is “Collectively Solving the DoD’s Innovation Challenge: Key Enablers, Leaders and Strategies.” The event will include a welcome by the new NIDIA President, Retired Colonel David L. Augustine, and various speakers, including Major General Omer “Clif” Tooley of the Indiana National Guard and Shane Springer, executive director of the Indiana PTAC, among several other key figures. For more information on the event and how to become a NIDIA member, visit www.NIDIAonline.org. Registration is required for all of the above events. For the PTAC workshops, register through the ISBDC website, http://links.isbdc.org/PTACRegistration. NIDIA members wishing to attend the NIDIA Mega Conference can register through this link: http://links.isbdc.org/NIDIA.Spring.2015.Registration. For additional information, inquiries may be directed to Gil Perry, Northeast Indiana PTAC counselor/trainer, at 260-205-3624 or email@example.com.