As a result of its portfolio shaping efforts, L3Harris Technologies [LHX] on Monday said it has reorganized from four business segments into three to more quickly develop and deliver capabilities for its customers.
The three remaining segments include Integrated Mission Systems, Space and Airborne Systems, and Communications Systems. The businesses of the former Aviation Systems segment have been moved into Integrated Mission Systems and Space and Airborne Systems “in alignment with other aviation-focused businesses existing within those organizations,” L3Harris said in a statement.
L3Harris began its portfolio shaping in 2019, focusing on businesses with high-growth prospects and differentiated technology. The company said the success of the portfolio adjustments led to the new structure.
“Today I am pleased to announce a business segment reorganization at L3Harris Technologies, the result of our successful portfolio shaping to ensure rapid, streamlined capability development for our customers,” Christopher Kubasik, vice chairman and CEO of L3Harris, said in a post on LinkedIn. “Our business segments will continue to lead market innovation in their focus areas, fueling advanced solutions for the toughest operational challenges.”
Through the first three quarters of 2021, Integrated Mission Systems tallied $4.3 billion in sales, Space and Airborne Systems $3.8 billion, Communications Systems $3.3 billion, and Aviation Systems $2.2 billion.