Harris Corporation announced an agreement to acquire all of the shares of Leitch Technology Corporation. Leitch is a provider of high-performance video systems for the television broadcast industry, including routers and distribution equipment, signal processing, signal management and monitoring, servers and storage area networks, branding software and post-production editing systems. Harris is a provider of digital broadcast technology solutions for global broadcast media markets, including television and radio transmission systems, networking solutions and enterprise-wide software and media management systems.
"The acquisition further positions our company to lead the broadcast
industry's transition to high-definition digital services," said Howard
L. Lance, chairman, president and chief executive officer of Harris.
"Their broad product portfolio provides an excellent complement to our
current products and software, and significantly expands our presence in
these fast-growing market segments. 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 acquisition of Leitch, following our acquisition of
Encoda Systems in November 2004, clearly establishes Harris as the
company that broadcasters turn to as they upgrade their equipment and
software systems to operate in a digital environment."
"The combination of Leitch Technology and Harris Corporation will create
a powerful force in the global broadcast industry. We view the
opportunity as extremely positive for our employees, customers, and
shareholders," said Tim Thorsteinson, president and chief executive
officer of Leitch Technology.
The acquisition is to be completed by way of a statutory plan of
arrangement and is subject to approval by Leitch shareholders, customary
regulatory and court approvals, and other closing conditions. The
transaction is expected to close in approximately 60 days.
For more information on Harris, visit www.harris.com.