M&A Deal Summary

Sterling Holding Company Acquires Harris Corp - Semiconductor Business

On June 2, 1999, Sterling Holding Company acquired semiconductors company Harris Corp - Semiconductor Business from L3Harris for 700M USD

Acquisition Highlights
  • This is Sterling Holding Company’s 1st transaction in the Semiconductors sector.
  • This is Sterling Holding Company’s largest (disclosed) transaction.
  • This is Sterling Holding Company’s 1st transaction in the United States.

M&A Deal Summary
Date 1999-06-02
Target Harris Corp - Semiconductor Business
Sector Semiconductors
Buyer(s) Sterling Holding Company
Sellers(s) L3Harris
Deal Type Divestiture
Deal Value 700M USD

Target

Harris Corp - Semiconductor Business

United States
Harris Corp - Semiconductor Business manufactures discrete semiconductors and integrated circuits primarily for the power, space, defense, and communications markets. employs more than 6,200 people and includes the world's only 8-inch wafer power fabrication facility, in Mountaintop, Pa., other fabrication and assembly operations in Florida and Ohio; along with a major test-and-assembly facility in Kuala Lumpur, Malaysia.

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Buyer(S) 1

Buyer

Sterling Holding Company

New York, New York, United States
Category Company
Founded 1997
Sector Semiconductors
DESCRIPTION

Sterling Holding Company, LLC, through its subsidiaries, operates as a semiconductor company. The company was founded in 1997 and is based in New York, New York.

DEAL STATS #
Overall 1 of 1
Sector (Semiconductors) 1 of 1
Type (Divestiture) 1 of 1
Country (United States) 1 of 1
Year (1999) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

L3Harris

Melbourne, Florida, United States
Category Company
Founded 1895
Sector Defense
Employees47,000
Revenue 19.4B USD (2023)
DESCRIPTION
Entrance to L3Harris' corporate headquarters in Melbourne, Florida.
Entrance to L3Harris' corporate headquarters in Melbourne, Florida.

L3 Harris is a producer of communications products, systems and services for global markets, including RF communications, integrated network solutions and government communications systems. L3Harris Technologies was founded in 1895 and is based in Melbourne, Florida.

DEAL STATS #
Overall 2 of 22
Sector (Semiconductors) 2 of 2
Type (Divestiture) 1 of 21
Country (United States) 2 of 22
Year (1999) 1 of 3
Size (of disclosed) 4 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-22 CHOICE Microsystems

San Antonio, Texas, United States

CHOICE Microsystems, Inc, located in San Antonio, Texas, a developer of network interface technology and products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-08-03 Pacific Research & Engineering

Carlsbad, California, United States

PR&E manufactures high quality broadcast studio products and provides turnkey studio design/integration services to the worldwide broadcasting industry. Products include on-air and production mixing consoles, studio furniture and systems integration services.

Buy $10M
Mergr

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