Harris acquires Leitch Technology Corp

Harris Corp has acquired Leitch Technology Corp, one of the jewels of Canada’s high technology industry and a consistently strong R&D performer since its inception in 1971. The Melbourne Florida-based communications and information technology giant paid $592 million for Leitch, a mid-sized Toronto firm that designs, manufactures and markets digital broadcast video equipment. Leitch will become a business unit of Harris’ broadcast communications division. Management, led by Tim Thorsteinson, and its R&D operations will likely remain in Toronto. The acquisition will allow Harris to expand into larger, faster-growing broadcast markets with products spanning the entire digital media delivery chain. In FY04, Leitch had revenue of $154.6 million and spent $32.2 million on R&D, down 12.3% of FY03 outlays of $36.7 million.