L3Harris Technologies (NYSE:LHX) is supporting Texas’ 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 30 small business suppliers in Texas to support local companies that play a critical role in sustaining the area’s economy and ensure the nation’s security, the company said.
The company also 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.
“It was very meaningful to our company that during this unprecedented time, L3Harris thought of us and recognized the benefit of providing prepayment to our company,” said Kari Fisher, Chief Executive Officer, Centrion Systems, an L3Harris supplier in Fort Worth. “This was an important gesture that went above and beyond a normal business relationship validating that we are one team. We are in this together.”
The company also announced plans to invest more than $90 million in internal research and development initiatives in Texas during 2020. The investments will fund staffing and equipment and support suppliers throughout the state.
“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 Texas’ 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 Texas, 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 has nearly 7,700 employees across Texas and is the second-largest manufacturing company in the state with operations in 24 locations, including Arlington, Greenville and Waco.
– FWBP Staff