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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest
event reported): June 2, 1999
HARRIS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-3863 34-0276860
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(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
1025 West NASA Blvd., Melbourne, FL 32919
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (407) 727-9100
No Change
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(Former name or former address, if changed since last report.)
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Items 1-4. Not Applicable.
Item 5. Other Events.
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On June 2, 1999, Harris Corporation ("Harris" or the
"Company") announced that it is selling all of its semiconductor business.
Harris had previously announced its intention to sell the power portion of
its semiconductor business. Harris has reached an agreement to sell
substantially all of its semiconductor operation to a subsidiary of Sterling
Holding Company L.L.C., a Citicorp Venture Capital, Ltd. investment portfolio
company. Other investors will include certain individuals, and affiliates of
Credit Suisse First Boston Corporation. Harris will retain a 10% ownership
position in the business. Under the terms of the transaction, Harris will
receive about $700 million in cash, notes, retained receivables, and
contingency payments, in addition to the equity in the business. The transaction
does not include Harris' suppression business or photomask operations, which
will be sold separately. The Company plans to use the proceeds from the
divestiture to reduce the indebtedness at Harris and for other general
corporate purposes. The transaction, which is expected to be completed in the
next two months, is subject to financing, and regulatory and certain other
approvals.
A copy of the press release is filed herewith as Exhibit 99
and is incorporated herein by reference.
Upon the close of the sale of the Company's semiconductor
business, the Company expects to file a separate Form 8-K in which it will
report the details of the completed transaction.
Item 6. Not Applicable.
Item 7. Financial Statements and Exhibits.
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(a) Financial Statements.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
The following document is filed as an Exhibit to this
Report:
99. Press Release, dated June 2, 1999,
announcing that Harris has entered into an
agreement to sell substantially all of its
semiconductor business.
Items 8-9. Not Applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
HARRIS CORPORATION
By: /s/ Bryan R. Roub
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Name: Bryan R. Roub
Title: Senior Vice President &
Chief Financial Officer
Date: June 3, 1999
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EXHIBIT INDEX
Exhibit No.
Under Reg.
S-K, Item 601 Description
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99. Press Release, dated June 2, 1999,
announcing that Harris has entered into
an agreement to sell substantially all of
its semiconductor business.