L3Harris Allocates $100M in Accelerated Payments to Support Small Business Suppliers Through COVID-19 Challenges; William Brown, Evan Cramer Quoted

L3Harris Technologies announced that it will contribute more than $100 million in payments to small business suppliers nationwide to support the companies that play a critical role in sustaining regional economies and ensure the nation’s security, the company reported on Friday.

“Accelerating payments reflects our commitment to support small businesses, the aerospace and defense supply chain, and the vital U.S. defense industrial base,” said William Brown, chairman and chief executive officer of L3Harris. “We are proud to help these businesses and their regional economies, particularly during this difficult economic period.”

L3Harris has begun making accelerated payments to small businesses in 45 states that are part of its global supply chain. The companies that will receive funds have provided products and services that enable the company to deliver innovative solutions to the Department of Defense (DoD), government agencies and allies.

The accelerated payments will add to L3Harris’ efforts to support its employees, customers, suppliers and communities combatting COVID-19. The company will also contribute $2 million and provide additional equipment and resources to organizations involved in COVID-19 relief and recovery efforts.

In addition, L3Harris will provide a 2X match to employee designated gifts to these and other organizations. The funds will support initiatives globally, with an emphasis on regions where L3Harris has a significant presence. The company also has donated protective suits and masks and made grants available to eligible employees impacted from COVID-19.

Company engineers and scientists will assemble positive air pressure respirators, produce medical grade components for respirators, volunteer to create STEM-oriented online educational videos for out-of-school students and support other relief initiatives.

“Bringing these payments forward gives us assurance in keeping the supply chain stable, supporting our sub-tier vendors, staff and families,” said Evan Cramer, chief executive officer, Custom Aerospace Machine, an L3Harris supplier in Melbourne, Florida. “The accelerated payment will also allow us to continue to invest in our strategic growth plan, with our move to a new 52,000-square-foot facility, in support of the pending F-35 full-rate production schedule.”

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 50,000 employees, with customers in 130 countries.

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