Leitch Technology (www.leitch.com) provides high-performance, multi-format solutions for professional digital video. Through its two business segments - Digital Media and Infrastructure - Leitch offers SD and HD products and systems that enable media companies to streamline workflow from production through transmission.
Harris (www.harris.com) is an international communications and information technology company serving government and commercial markets in more than 150 countries. With headquarters in Melbourne, FL, the company has annual sales of over $3 billion and employs 12,600, including 5,500 engineers and scientists.
"The combination of Leitch Technology with Harris will create a powerful force in the broadcast technology industry," says Tim Thorsteinson, president/CEO of Leitch. "This is an extremely positive opportunity for our employees, customers and shareholders."
"This acquisition further positions Harris to lead the broadcast industry's transition to high definition digital services," says Howard L. Lance, chairman, president and CEO of Harris. "Leitch has a veteran management team with strong domain knowledge and has launched important new products to meet the changing needs of the digital marketplace. Our combined products and systems serve every segment of the increasingly complex supply chain that brings digital audio, video and data content to consumers."
The transaction is expected to be completed by the end of October.