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L3Harris to acquire rocket engine manufacturer Aerojet Rocketdyne for $4.7 billion

19 December 2022
3410
2 min.
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L3Harris to acquire rocket engine manufacturer Aerojet Rocketdyne for $4.7 billion

A deal between two companies

L3Harris has announced a $4.7bn agreement to acquire rocket engine specialist Aerojet Rocketdyne.

The company notes that the acquisition of the rocket engine manufacturer will allow it to "effectively address current and emerging threats" and promote "scientific discovery and innovation through targeted investments in advanced missile and hypersonic technologies".

Aerojet Rocketdyne CEO Eileen P. Drake said that as part of L3Harris, they will be able to combine their most advanced technology with significant expertise and resources to advance the companies' shared goal of enabling U.S. defense and space exploration.

The deal, the parties believe, will close next 2023 "subject to receipt of necessary regulatory approvals and clearances and other conditions customary in closing situations."

Also, the CEO of one of Aerojet's major customers, Raytheon, recently complained in an interview with Defense One that Aerojet's rocket engine quality and schedule performance have declined due to distractions associated with the sale.

On NASA's side, Aerojet reported delays in the production of RS-25 engines for the Artemis lunar programme. The company won a $1.79 billion contract from NASA in 2020 to produce a new single-use version of the engine for the space launch system to replace the current supply of refurbished RS-25 engines from the space shuttle era.

It is worth noting that in February the US corporation Lockheed Martin abandoned plans to acquire Aerojet Rocketdyne for about $4.4 billion. The decision to terminate the agreement came after the US Federal Trade Commission (FTC) filed a lawsuit to obtain a preliminary injunction. The FTC objected to the deal, arguing that it violated antitrust rules.

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