L3Harris Technologies, formerly known as Harris Corporation, has acquired Aerojet Rocketdyne for $58 per share, in an all-cash transaction valued at $4.7 billion, inclusive of net debt.
This marks L3Harris’ second acquisition announcement of 2022, demonstrating its continued focus on delivering critical capabilities to warfighters while strengthening the nation’s defense industrial base through increased competition.
Talks to acquire Aerojet Rocketdyne started more than two years ago, with Lockheed Martin, another aerospace giant and advocate of AM technology. The latter was blocked by the FTC, in the agency’s first litigated defense merger challenge in decades.
This acquisition is of interest for the AM industry has L3Harris is quite involved in the development of 3D printed electronics for the space industry – remember the 3D Printed Monolithic RF Communications Circuit sent to ISS -. Added to this is the fact that Aerojet Rocketdyne is an AM-adopting rocket engine manufacturing company, this makes L3Harris a major user of diverse additive manufacturing solutions.
“We’ve heard the DoD 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,” said 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.”
From a vertical industry standpoint, the acquisition will ensure the defense industrial base and L3Harris’ customers will have a strengthened merchant supplier to effectively address both current and emerging threats – and promote scientific discovery and innovation – through targeted investment in advanced missile technologies, hypersonics and more.
“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,” said Eileen P. Drake, CEO and President of Aerojet Rocketdyne. “Joining L3Harris is a testament to the world-class organization 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 defense 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.”
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