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Business/Financial

CAE, RENK To Acquire L3Harris Military Training, Engine Businesses In Deals Worth $1.5 Billion

By Cal Biesecker

Monday, March 1st, 2021

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CAE, RENK To Acquire L3Harris Military Training, Engine Businesses In Deals Worth $1.5 Billion

L3Harris Technologies Chairman and CEO William Brown. Photo: L3Harris Technologies

L3Harris Technologies [LHX] on Monday said it has agreed to sell its Military Training business and Combat Propulsion Systems business to Canada’s CAE and Germany’s RENK AG, respectively, for a combined $1.5 billion, part of the company’s ongoing divestiture of non-core businesses. CAE will pay nearly $1.1 billion in cash for the Military Training business, which generated about $500 million in sales for L3Harris in 2020. CAE said the acquisition will diversity its training and simulation work in the air…

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