Harris completes CapRock sale

Harris Corp. said today it has completed the sale of its CapRock Communications commercial business to SpeedCast International for $425 million.

"Proceeds from the transaction will be used to pay down debt and return cash to shareholders," the company said.

Bill Brown, Harris' chief executive, announced the divestiture in early November. During a call with analysts at the time, he said the move was part of an "ongoing initiative to optimize our business portfolio."

The company is seeking "to invest in businesses where Harris can provide technology differentiation," Brown added. "We'll continue to review our portfolio."