"It's very encouraging that BCD is being encompassed
into the Gores Group, which brings a lot of good investment and technology
know-how," said Chris Parsons, global vice president of operations and
supply chain for Harris Corp. "It's positive for the BCD and all of our
communities that work within the BCD."
Harris' broadcast communications division employs about
1,700 people. According to a news release from Harris, the sale price includes
$160 million in cash at closing, a $15 million subordinated promissory note and
an earn-out of up to $50 million based on future performance.
The transaction is subject to regulatory review and closing
conditions. Parsons said it will take between 45 and 60 days for the sale to be
finalized.
"In Harris Broadcast Communications, we are investing
in a proven technology leader with great products and a great team," said
Ryan Wald, managing director of the Gores Group, in a news release. "We
are excited to provide the capital and support to transition this division to a
strong and independent company, further enabling it to continue developing and
delivering market-leading technologies to its customers."
Harris announced in May that it planned to sell off its
broadcast division. Quincy's plant involves manufacturing for transmission and
other devices. In November, Harris confirmed that "about a dozen"
salaried employees had been laid off in the wake of a quarterly loss for the
company.
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