L3Harris Technologies Plans to Sell Pilot Training Services Unit
(Bloomberg) -- L3Harris Technologies Inc., one of North America’s largest aerospace and defense manufacturers, is planning a sale of its pilot training services business that could fetch $1 billion, according to people familiar with the matter.
The company is working with an adviser to sell the unit, which is attracting interest from private equity firms, said the people, who asked not to be identified because they weren’t authorized to speak publicly. No final decision has been made and L3Harris could opt to keep the unit, they said.
A representative for L3Harris declined to comment.
The pilot unit operates training academies for commercial and military pilots. It’s part of L3Harris’s aviation systems arm, which generated about one-fifth of the company’s $13.5 billion in sales during the three quarters ending Oct. 2, according to filings.
L3Harris, based in Melbourne, Florida, was created through the 2019 merger of Harris Corp. and L3 Technologies Inc.
L3Harris rose 0.1% to close at $195.76 in New York on Thursday, giving the company a market value of about $41.1 billion.
©2020 Bloomberg L.P.