Harris Corporation, which has a large presence in the Rochester area, says it is going to be investing millions of dollars back into the business because of the benefits it anticipates the company will receive from recently passed tax reform legislation.
The company will add $300 million to its employee pension fund, and also put $20 million toward research.
Harris will also grant each of its 17,000 non-executive employees 10 shares of stock, which now is worth about $1,470.
“We are pleased to share the benefits of our strong performance and the recent tax reform legislation with our employees,” said William Brown, chairman, president and chief executive officer. “This represents an investment in Harris’ greatest asset and differentiator – our talented employees. Coupled with our innovation and technology investment, we are using this opportunity to further strengthen the company and position Harris for future success.”
Harris employs about 3,400 people in the Rochester area. On Tuesday the company also reported quarterly earnings that exceeded Wall Street expectations. The stock closed about 6 percent higher, at $156.31