WASHINGTON — L3Harris Technologies is postponing the initial public offering of its Missile Solutions business, concluding that Wall Street is undervaluing a business that is expanding rapidly to meet one of the Pentagon’s highest priorities: rebuilding U.S. missile production.

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Sandra Erwin writes about military space programs, policy, technology and the industry that supports this sector. She has covered the military, the Pentagon, Congress and the defense industry for nearly two decades as editor of NDIA’s National Defense...