Emcore (Nasdaq: EMKR) has completed its acquisition of the space and navigation unit of L3Harris Technologies (NYSE: LHX) for approximately $5 million in cash.
The transaction, which was first announced in February, covers intellectual property and outstanding assets and liabilities of the L3Harris business segment including a leased facility in Budd Lake, New Jersey, Emcore said Monday.
The electronics supplier added that the transaction will help it expand its inertial navigation product portfolio and gain access to master supply agreements for booster rate gyro and tri-axial inertial measurement unit launch vehicle programs.
âThis acquisition allows us to provide customers with an expanded product suite across the tactical, navigation, and strategic grade segments of the market, including the growing launch vehicle and space satellite markets,â said Jeff Rittichier, president and CEO of Emcore.
L3Harris agreed to sell the unit after it reorganized its core businesses into three areas focused on communication systems, integrated mission systems and space and airborne systems.
