Monday, March 30, 2009

Harris Corporation to Spin-Off Harris Stratex Networks

The Board of Directors of Harris Corporation has approved the spin-off to its shareholders of all the shares of Harris Stratex Networks that it currently owns. 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 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.