Harris Corporation (NYSE:HRS) has announced that, as a result of the passage of the tax reform bill, the company anticipates making an additional contribution to its employee pension fund, increasing its investment in research and development, and providing a one-time stock grant to all of its non-executive employees, the company said.
The actions are expected to occur within the company´s fiscal 2018.
To increase current and former employee retirement stability, Harris anticipates contributing an additional USD 300 million into the company´s employee pension fund.
The company also will invest an incremental USD 20 million in technologies to accelerate innovation and affordability initiatives for its customers. This investment in research and development will leverage and enhance the company´s strong engineering talent, strengthen Harris´ position and help it capture new market opportunities in areas such as small satellites, software defined electronic warfare systems, open systems avionics, robotics and air traffic management solutions.
Harris Corporation is a technology innovator, solving customers´ toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports government and commercial customers in more than 100 countries and has approximately USD 6 billion in annual revenue. The company is organized into three business segments: Communication Systems, Electronic Systems and Space and Intelligence Systems. Learn more at harris.com.