The company, which specializes in defense products, has confirmed that it has agreed on the terms to buy Aerojet Rockedyne Holdings, Inc at the rate of $56 for every share. That puts the total purchasing price at about $4.4bn. Lockheed Martin’s president and CEO, James Taiclet, said to Waaytv.com:
“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base and reduce costs for our customers and the American taxpayer. This transaction enhances Lockheed Martin's support of critical U.S. and allied security missions.”
Aerojet Rockedyne employs about 5,000 people across Huntsville. In 2019, it opened an ultramodern facility for building rockets called the Advanced Manufacturing Facility here in Huntsville. The company uses this facility to build RS-25 engines which will be used by the Space Launch System at NASA, no doubt bearing NASA’s iconic Logo Design.
Aerojet’s CE, Eileen P. Drake, released a statement mentioning how pleased she was to be able to bring the resources of these two companies together in order to improve the nation’s defense and explore space. She is confident that Aerojet’s stakeholders will benefit from the deal.
The sale is expected to be completed in Q3 or Q4 of 2021. Lockheed Martin held a live webcast on December 21 where its officials discussed the particulars of the deal.
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