L3Harris Technologies Supporting Florida’s Economic Recovery, Announces Supplier Payments
By Space Coast Daily // May 21, 2020
Accelerating payments to more than 130 small business suppliers in Florida
BREVARD COUNTY, FLORIDA – L3Harris Technologies is supporting Florida’s economic recovery through a series of initiatives to assist small business suppliers, bolster the state’s workforce, and expand innovation.
L3Harris is issuing accelerated payments to more than 130 small business suppliers in Florida to support local companies that play a critical role in sustaining the area’s economy and ensure the nation’s security.
The company is making more than $100 million in accelerated payments to small businesses in 45 states nationwide that are part of its global supply chain.
The companies provide a wide range of products and services that enable L3Harris to deliver innovative solutions to the Department of Defense, U.S. government agencies, U.S. allies, and other customers.
“Bringing these payments forward gives us assurance in keeping the supply chain stable and supporting our sub-tier vendors, staff, and families,” said Evan Cramer, Chief Executive Officer, Custom Aerospace Machine, an L3Harris supplier in Melbourne, Florida.
“The accelerated payment will also allow us to continue to invest in our strategic growth plan, with our move to a new 52,000-square-foot facility, in support of the pending F-35 full-rate production schedule.”
The company also announced plans to invest more than $125 million in internal research and development initiatives in Florida during 2020.
The investments will fund staffing and equipment and support suppliers throughout the state.
The company annually invests an industry-leading four percent of revenues in internal R&D to develop new products and solutions to address its customers’ critical missions.
“These initiatives reflect L3Harris’ commitment to support our employees, customers, suppliers and communities,” said William M. Brown, Chairman and Chief Executive Officer, L3Harris.
“We are proud to help Florida’s economic recovery, particularly during this difficult period.”
The initiatives are in addition to L3Harris’ efforts to support COVID-19 relief and recovery locally and around the world. The company has contributed $2 million, including $50,000 to the United Way in Florida, for COVID-19 relief and recovery efforts.
L3Harris has also provided equipment and resources to organizations involved in COVID-19 efforts, as well as provided a 2X match to employee designated gifts to these and other organizations.
L3Harris is the largest aerospace and defense company in Florida and the state’s eighth-largest business.
Florida is home to a significant number of L3Harris operations and is the center of the company’s research and development activities. The company has nearly 8,400 employees operating in 27 locations throughout the state.
About L3Harris Technologies
L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs.
The company provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. L3Harris.com
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