(MELBOURNE, Florida, and TORONTO, Ontario Oct. 25, 2005) Harris Corporation (NYSE: HRS) and Leitch Technology Corporation (TSX: LTV) announced today that Harris has completed its previously announced acquisition of Leitch following approval by Leitch shareholders and Court approval of the transaction.
Leitch shareholders approved the acquisition by Harris of all of the outstanding common shares of the Toronto-based company for a cash price of C$14.00 per share. Total cash consideration paid by Harris, net of Leitch’s cash on hand, was approximately US$450 million.
“The addition of Leitch’s talented workforce, complementary product portfolio and customer base helps establish Harris as the partner of choice for broadcasters upgrading their equipment and software systems to operate in a digital environment,” said Howard Lance, chairman, president and CEO of Harris. “No other company offers the breadth of products that span the entire digital media content delivery chain. This acquisition enables Harris to further expand into larger, faster-growing broadcast markets, and we’re delighted that Tim Thorsteinson and his leadership team will remain with the company and continue to build on Leitch’s success as a business unit within our Broadcast Communications Division.”
“As part of the Harris Broadcast Communications business, Leitch will continue to provide the products that allow the broadcaster to transition to high definition digital services but with the added resources and global scale of one of the world’s leading broadcast hardware and software suppliers,” said Leitch President and CEO Tim Thorsteinson. “We look forward to building on our success and maximizing our value to customers as a combined company.”
Leitch shareholders should refer to Leitch’s management information circular dated September 16, 2005 for information regarding receipt of the payment of C$14.00 per share for their Leitch shares.
All of Leitch’s products – including routers and distribution equipment, signal processing, signal management and monitoring, servers and storage area networks, branding software and post-production editing systems – will be added to the Harris broadcast product portfolio. This combined portfolio serves every segment of the increasingly complex supply chain that brings digital audio, video, and data content to consumers. Leitch currently serves approximately 3,000 television service providers in 100 countries.
Harris Broadcast Communications Division is the worldwide leader in providing digital broadcast technology solutions for global broadcast media markets, including television and radio transmission systems, networking solutions and enterprise-wide software and media management systems.
Harris Corporation is an international communications and information technology company serving government and commercial markets in more than 150 countries. With headquarters in Melbourne, Florida, the company has annual sales of over $3 billion and has 12,600 employees – including 5,500 engineers and scientists – dedicated to the development of best-in-class assured communications™ products, systems, and services. The company's operating divisions serve markets for government communications, RF communications, broadcast communications, and microwave communications. Additional information about Harris Corporation is available at http://www.harris.com
An industry leader for more than 30 years, Leitch provides high-performance, multi-format solutions for professional digital video. Through its two business segments — Digital Media and Infrastructure — Leitch offers standard-definition/high-definition (SD/HD) products and systems that enable media companies to streamline workflow from production through transmission. Leitch offers a comprehensive, award-winning portfolio of processors, routers, servers, graphics and editing solutions, master control and branding systems, digital signage, network monitoring and control software, and test and measurement instruments, along with premium customer support. Additional information about Leitch Technology Corporation is available at http://www.leitch.com
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