Lanier Worldwide, Inc., a $1.4 billion subsidiary of Harris Corporation (HRS), has submitted an application to list the Lanier shares on the New York Stock Exchange under the symbol "LR."
Harris Corporation (HRS) will retain approximately 10% of the Lanier shares.
It is believed that separating the two companies (LR and HRS) will enhance the ability of both LR and HRS to focus on strategic initiatives and new business opportunities, as well as to improve cost structures and operating efficiencies and to design equity-based compensation programs targeted to its own performance.
Further, LR management expects that the transition to an independent company will heighten Lanier management's focus,provide Lanier with greater access to capital, and allow the investment community to better measure Lanier's performance relative to its peers.
LR's Business
- Over 1,600 sales and service locations in more than 100 countries;
- Health care information management system
- Dictation equipment
- Digital copiers
- Analog copiers
- Color copiers
- Facsimile machines
- Multifunction devices
- Aftermarket service and support (parts and supplies)
- Legal outsourcing support services
Interesting Fact:
LR relies on outside suppliers to manufacture the products that it distributes, including Ricoh, Toshiba, Canon, Sharp and Okidata. LR seeks out the "best-of-breed." Selected products undergo rigorous testing by Lanier, and upgrades are often recommended to the manufacturers in order to meet Lanier's demanding standards.
An example of this: edig.com
LR's National Customers
Abbott Laboratories,Corning, Inc., CountryWide Home Loans, Federal Express, Merck & Company, Inc.,Minnesota Mining & Manufacturing Co. and the National Aeronautics & Space Administration (NASA)
LR's Goal
Become the leading global provider of document management solutions and related services and support.
LR's Strategies:
- Cultivate its "best of breed" sourcing relationships;
- Deliver integrated document management solutions;
- Focus on customer satisfaction and retention;
- Maintain and develop its effective marketing initiatives;
- Attract, retain and incentivize its high caliber employees; and
- Add revenue and income through selective acquisitions.
For More Details on Risks, Competition, Financial Performance
See the 10-12B and 10-12B/A filings ( freedgar.com ).
Good luck with your investment decision.
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