L3Harris Technologies, Inc (NYSE:LHX) is reportedly exploring a sale of its avionics business.
The aerospace and defense company worked with an adviser on the sale, which could fetch about $1 billion based on typical earnings multiples, Bloomberg cites familiar sources.
The asset could attract interest from private equity firms and strategic buyers.
The avionics unit makes electronic systems for commercial and military aircraft, including flight control instruments, radio, and navigation systems.
With a divestiture, L3Harris would join large aerospace and defense companies selling non-core assets.
In 2022, L3Harris eliminated Aviation Systems as a reporting business segment.
The company’s three focused segments were Integrated Mission Systems, Space and Airborne Systems, and Communication Systems.
Price Action: LHX shares are trading higher by 1.06% at $197.85 on the last check Monday.
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