L3Harris Technologies has successfully finalized its acquisition of Aerojet Rocketdyne.
The acquisition creates a fourth business segment and aims to strengthen the defence industrial base, enhance competition, and drive innovation in propulsion systems. With national security as a top priority, L3Harris aims to address global mission needs by combining its resources and expertise with Aerojet Rocketdyne‘s propulsion and energetics capabilities.
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This move opens up new opportunities in missile defence systems, hypersonics, advanced rocket engines, and more while welcoming over 5,000 employees to the L3Harris team.
L3Harris Technologies expands with Aerojet Rocketdyne acquisition
In December 2022, L3Harris Technologies announced its intent to acquire Aerojet Rocketdyne, a merchant supplier of propulsion systems, in a definitive agreement. That acquisition has been completed today, paving the way for forming a fourth business segment at L3Harris.
Lockheed Martin decided to terminate the acquisition of Aerojet Rocketdyne in February 2022, following the company signing a definitive agreement to acquire Aerojet Rocketdyne in December 2020.
Integrating Aerojet Rocketdyne’s propulsion and energetics capabilities with L3Harris’ capabilities is hoped to unlock potential in innovation and development.
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By GlobalDataL3Harris Chair and CEO Christopher E. Kubasik expressed his enthusiasm for the consolidation, stating, “I’m thrilled to welcome more than 5,000 employees to the L3Harris team today.
With national security at the forefront, we’re combining our resources and expertise with Aerojet Rocketdyne’s propulsion and energetics capabilities to ensure that the Department of Defense and civil space customers can address critical mission needs globally.”
With Ross Niebergall appointed as President of the Aerojet Rocketdyne segment at L3Harris, the company aims to foster a competitive environment that produces innovative and agile solutions.
Niebergall stated, “Our customers demand a competitive environment that produces innovative, agile solutions. We will expand on the strong Aerojet Rocketdyne heritage to enhance production and deliver on those expectations.”
The acquisition of Aerojet Rocketdyne diversifies L3Harris’ portfolio.
Completing the Aerojet Rocketdyne acquisition is an occasion which could propel the company into a new defence and aerospace innovation era. With strengthened capabilities and broader expertise, L3Harris is poised to contribute to national security and address mission needs globally.
Aerojet Rocketdyne reported 2.3% sales growth for 2022, with the company’s backlog totalling $6.8bn as of 31 December.
