L3Harris to acquire Aerojet Rocketdyne for $4.7 billion
January 5, 2023
L3Harris Technologies, Melbourne, Florida, USA, has announced that it will acquire Aerojet Rocketdyne, El Segundo, California, in a transaction valued at $4.7 billion. The deal is expected to close in 2023, subject to the required regulatory approvals and customary closing conditions.
“We’ve heard the [US Department of Defense] leadership loud and clear: they want high-quality, innovative and cost-effective solutions to meet both current and emerging threats, and they’re relying upon a strong, competitive industrial base to deliver those solutions,” stated Christopher E Kubasik, L3Harris CEO and chair. “With this acquisition, we will use the combined talents of more than 50,000 employees to drive continuous process improvement, enhance business operations and elevate the performance of this crucial national asset.”
During its 100-year history, Aerojet Rocketdyne has been a provider of propulsion systems and energetics to the US Department of Defense, NASA and other partners and allies worldwide. In recent years, the company adopted Additive Manufacturing into its portfolio for the production of rocket engine components.
“This agreement will accelerate innovation for national security propulsion solutions while providing a premium cash value for our shareholders and tremendous benefits for our employees, customers, partners and the communities in which we operate,” added Eileen P Drake, CEO and president of Aerojet Rocketdyne. “Joining L3Harris is a testament to the world-class organisation and team we’ve built and represents a natural next phase of our evolution.”
“As part of L3Harris, we will bring our advanced technologies together with their substantial expertise and resources to accelerate our shared purpose: enabling the defence of our nation and space exploration. This is an exciting new chapter for Aerojet Rocketdyne and our over 5,200 dedicated team members, providing them with additional opportunities, and we look forward to working closely with L3Harris to complete this transaction,” added Drake.