L3Harris Technologies [LHX] on Tuesday said it has agreed to sell its EOTech business unit to American Holoptics, part of an ongoing portfolio shaping the company is doing following the acquisition of L3 Technologies by Harris last year.
Terms of the deal, which is expected to close in mid-2020, were not disclosed. American Holoptics is an affiliate of the investment company of Koucar Management.
The EOTech business unit has about 150 employees and about $60 million in annual sales. The unit manufactures holographic weapon sights, precision rifle scopes, tactical lights and lasers, thermal vision and night vision devices for military, law enforcement, hunting, competitive shooting and personal protection markets globally.
Koucar Management’s core portfolio companies are centered around commercial and residential properties but the company also has diversified operations, including ODIN Defense Industries, a manufacturer of non-standard ammunition and weapons, Elite Defense, a distributor and regulatory compliance manager for over 170 partners in the small arms weapons and tactical equipment markets, and HEL Technologies, which is focused on holographic research and development for the small arms weapon site market.
American Holoptics is focused on providing products to the global weapons accessory market.
L3Harris also recently agreed to sell its security and detection systems business to Leidos [LDOS] as it focuses on growing its core franchises.