HARRIS TO WRITE OFF SYNTREX HOLDINGS
HARRIS TO WRITE OFF SYNTREX HOLDINGS MELBOURNE, Fla., May 14 /PRNewswire/ -- Harris Corporation
(NYSE: HRS) announced today that, as previously indicated, it will take a charge against discontinued operations in the current quarter relating to its holdings in Syntrex, Inc. The after-tax charge is expected to be between $8 and $10 million.
Syntrex, which purchased one of Harris' discontinued businesses in January 1990, has been operating under Chapter 11 of the U.S. Bankruptcy Code since June 1991. Earlier this week a bankruptcy court approved the acquisition of Syntrex by Phoenix Technologies, Inc., and the transaction is expected to close at the end of this month. Harris announced in April that it would likely incur a charge when the bankruptcy court made its decision on the disposition of Syntrex's assets. -0- 5/14/92 /CONTACT: Jim Burke, director of media relations of Harris Corporation, 407-727-9126/ (HRS) CO: Harris Corporation; Syntrex, Inc. ST: Florida IN: CPR SU:
AW-JJ -- FL010 -- 0440 05/14/92 16:39 EDT
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|Date:||May 14, 1992|
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