Apr 24, 2020   SOURCE: BusinessWire

L3Harris Technologies Issuing More Than $100 Million in Accelerated Payments to Support Small Business Suppliers and Regional Economic Recovery

L3Harris Technologies (NYSE:LHX) is accelerating more than $100 million in payments to small business suppliers nationwide – supporting companies that play a critical role in sustaining regional economies and ensure the nation’s security.

L3Harris this week began making accelerated payments to small businesses in 45 states that are part of its global supply chain. The companies provide a wide range of products and services that enable L3Harris to deliver innovative solutions to the Department of Defense, U.S. government agencies, U.S. allies and other customers.

“Accelerating payments reflects our commitment to support small businesses, the aerospace and defense supply chain, and the vital U.S. defense industrial base,” said William M. Brown, Chairman and Chief Executive Officer. “We are proud to help these businesses and their regional economies, particularly during this difficult economic period.”

“Bringing these payments forward gives us assurance in keeping the supply chain stable, supporting our sub-tier vendors, staff and families,” said Evan Cramer, Chief Executive Officer, Custom Aerospace Machine, an L3Harris supplier in Melbourne, Florida. “The accelerated payment will also allow us to continue to invest in our strategic growth plan, with our move to a new 52,000-square-foot facility, in support of the pending F-35 full-rate production schedule.”

The accelerated payments are part of L3Harris’ overall efforts to support its employees, customers, suppliers and communities combatting COVID-19. The company is contributing $2 million and providing additional equipment and resources to organizations involved in COVID-19 relief and recovery efforts, as well as providing a 2X match to employee designated gifts to these and other organizations. The funds support initiatives globally, with special emphasis on regions where L3Harris has a significant presence. The company also has donated thousands of protective suits and masks and made grants available to eligible employees impacted in the wake of COVID-19.

Company engineers and scientists are assembling positive air pressure respirators, producing medical grade components for respirators, volunteering to create STEM-oriented online educational videos for out-of-school students, and supporting other relief initiatives.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 50,000 employees, with customers in 130 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about accelerated payments and their impacts are forward-looking and involve risk and uncertainties. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.