Harris Corporation Delivers Millionth F-35 Lightning II Fighter Aircraft Avionics Component

Highlights:

Delivered more than 1,600 infrastructure components for each aircraft

Maintained more than 99.95 percent on-time delivery since program inception in 2005

Provided $800 million in cost savings over the life of the production program

Harris Corporation (NYSE-HRS) has delivered more than one million avionics components to Lockheed Martin for the F-35 Lightning II, while significantly cutting costs and maintaining a near perfect on-time delivery record supporting the world's most advanced multi-role fighter aircraft. Harris today hosted VIPs and a traveling F-35 cockpit simulator as part of an event to recognize excellence in manufacturing quality and supply chain management.

The F-35 program represents nearly 400 jobs and hundreds of millions in revenue for Harris each year in addition to hundreds of other suppliers throughout Florida and the U.S. The event brings together national, state, and local representatives from government and industry, to learn about the important role the F-35 plays in national defense and economic vitality.

Harris' avionics infrastructure and electronics are critical to providing more efficient, affordable and higher-performance capabilities on a fighter aircraft than ever before. The company has worked with industry partners to provide the components since the program began 13 years ago - while maintaining more than 99.95 percent on-time delivery accuracy.

Harris provides 1,600-plus infrastructure components and common parts to 21 F-35 suppliers. Since its first avionics deliveries, Harris has implemented affordability initiatives that led to a more than 60-percent reduction in avionics shipset costs for each aircraft - resulting in more than $800 million in cost savings over the life of the production program.

The one millionth delivery continues Harris' legacy of providing critical avionics components and modules to support the F-35 enterprise, said Eric Branyan, vice president of F-35 Supply Chain Management at Lockheed Martin. Our global supply chain continues to advance technology, improve efficiencies and reduce costs to deliver and sustain the transformational F-35 for our men and women in uniform.

Harris' participation has grown over the life of the F-35 program. Most recently, the company was awarded two new contracts in 2017 - the Aircraft Memory System and Panoramic Cockpit Display Electronic Unit - as part of the F-35 Technology Refresh #3 program.

By investing our own resources to develop innovative, lower-cost solutions, Harris continues to drive results in the design and manufacture of open systems processing as part of the Technology Refresh #3 program, said Ed Zoiss, president, Harris Electronic Systems. We've also doubled our manufacturing footprint to support the ramp-up of avionics production for the F-35, as we maintain our commitment to provide engineering and supply chain excellence.

With stealth technology, advanced sensors, weapons capacity and range, the F-35 is the most lethal, survivable and connected fighter aircraft ever built. More than a fighter jet, the F-35's ability to collect, analyze and share data is a powerful force multiplier that enhances all airborne, surface and ground-based assets in the battlespace and enables men and women in uniform to execute their mission and return home safe.

The F-35 is built by thousands of men and women in America and around the world. With more than 1,500 domestic suppliers in 46 states and Puerto Rico, the program supports more than 194,000 direct and indirect U.S. jobs and delivers $31 billion of economic impact annually. The program also includes more than 100 international suppliers, creating or sustaining thousands of international jobs.

For additional information, visit www.f35.com.

About Harris Corporation

Harris Corporation is a leading technology innovator, solving customers' toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports government and commercial customers in more than 100 countries and has approximately $6 billion in annual revenue. The company is organized into three business segments: Communication Systems, Electronic Systems and Space and Intelligence Systems. Learn more at harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect managements current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about technology capabilities and future performance and cost savings are forward-looking and involve risks and uncertainties. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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LINK:	https://www.harris.com/press-releases/2018/04/harris-corporation-deliv...
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