I work for Harris. The majority of layoffs will be with L3, not Harris. Of course there will be layoffs on both sides but remember who owns what. Harris owns 51% of the stock and L3 owns 49%. Lets you know who's in control. Remember the Sprint Nextel merger.
Bumped from @VTIIO1C-2hydw for info.
Much postering, shaping of “metrics” and skleletons hid to protect VPs at SLC.
The L3 in L3Harris is silent. This about bonuses for the Executives, and nailing the employee benefits to pay for. There is no Steve Jobs or Bill Gates at Harris Corp. Segment is getting rid of anyone that knows anything about the business that they are now managing. An arrogant approach to management. When all you need is an excel spreadsheet to manage a multi-billion worth of businesses, who needs a Bill Gates or Steve Jobs.
It is the perfect storm Harris CEO gets all the benefits of stripping IRAD and business development, and in two years when the impact of shutting off developing new products, L3 will take over and get nailed with the consequences.
This is why they say CEOs of DoD Industries are the worst managers, they don't need technical vision and that is what we got.
It's a merger, and Not an acquisition, therefore, both companies will get hit depending on the future strategy of the company in order for it to be competitive.
I know, since I've been through both. I survived during a merger and got laid off from an acquisition from the last company I worked for.
https://www.defensenews.com/industry/2019/06/17/l3-harris-to-divest-significant-portion-of-business-post-merger/
I heard that Harris will have their way for the first 2 years until Harris current leader steps down, then it will be L3's who takes the reins?????
Majority ownership means nothing. Just wait and see who will fill the top leadership roles and that will indicate who's running the new company. My bet is L3's current leaders will get majority of those top spots. We already know Bill will take his bonus and step aside.
L3 has tons of Hqtrs fat to trim off and Harris will do that ASAP... 51% vs 49% says it all, of course some remaining staff will be selected by the skills/expertise BUT MANY MANY will be via plain politics. Having been through four mergers (selling/aquisistions, etc) it ALWAYS is this way. L3 also has extentive and GENEROUS benefits for the higher levels, we will see how Harris feels about that....
Is the merger profitable with all the severance costs? Looks like executives are taking tens of millions of dollars in compensation, calling it severance, and yet they keep there jobs. Where is the leadership by example in cost cutting? I wouldn’t be surprised to hear 100 million dollars in merger costs as payoffs but the total cost, is it listed in the proposal?
There are likely more opportunities for optimization at L3 since Harris has already been squeezed for efficiencies many times. But as the other comment states, for a given role they'll choose who to keep based on talent, though location will also play into it.
I heard that they are going to evaluate all teams from Harris & L3 and keep those employees who have better skills & expertise.