Industrial Strength

L3Harris Missile Deal Signals Breakup Craze Could Come to Defense

If the company can attract a high valuation for a planned public offering for its missile unit, other defense contractors will take note.
L3Harris announced plans to carve out its missile unit in a public offering, with the Department of Defense set to serve as an anchor investor through a $1 billion convertible preferred security.Photographer: Luke Sharrett/Bloomberg
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After ripping through the manufacturing sector, could the breakup craze finally be coming to the defense industry? Someone had to go first.