Move comes in light of Raytheon-UTC merger
Lockheed officials a tour to media in 2016, at Lockheed Martin facilities in Palmdale, Calif. (Los Angeles Times/TNS) Bloomberg News
Lockheed Martin agreed to acquire the defense industry supplier Aerojet Rocketdyne Holdings in a deal valued at $4.4 billion.
CEO Jim Taiclet, who stepped into the top job this year, has said he was keen to expand the world’s largest defense contractor through acquisitions.
With El Segundo, Calif.-based Aerojet, he’s picking up a key U.S. supplier of propulsion systems for missiles, rockets and other space and defense applications.
“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base,” Taiclet said in the statement.
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Lockheed to Boost Space Expansion With $4.4 Billion Aerojet Deal
Bloomberg 12/21/2020 Will Wade and Julie Johnsson © Bloomberg A U.S. Air Force F-22 Raptor fighter jet, manufactured by Lockheed Martin Corp., performs a maneuver during the Singapore Airshow at the Changi Exhibition Centre in Singapore, on Tuesday, Feb. 11, 2020. Plane makers and airlines are exploring new designs to reduce fuel burn and cut carbon emissions in a warming climate. Blending the wings with the fuselage to cut drag is one of several possible solutions.
(Bloomberg) Lockheed Martin Corp. is expanding its foray into futuristic space travel and missile defense by acquiring supplier Aerojet Rocketdyne Holdings Inc. in a deal valued at $4.4 billion, targeting higher sales and more savings in an environment of tightening defense budgets.
Lockheed to Boost Space Expansion With $4.4 Billion Aerojet Deal
Bloomberg 12/21/2020 Will Wade and Julie Johnsson © Bloomberg A U.S. Air Force F-22 Raptor fighter jet, manufactured by Lockheed Martin Corp., performs a maneuver during the Singapore Airshow at the Changi Exhibition Centre in Singapore, on Tuesday, Feb. 11, 2020. Plane makers and airlines are exploring new designs to reduce fuel burn and cut carbon emissions in a warming climate. Blending the wings with the fuselage to cut drag is one of several possible solutions.
(Bloomberg) Lockheed Martin Corp. is expanding its foray into futuristic space travel and missile defense by acquiring supplier Aerojet Rocketdyne Holdings Inc. in a deal valued at $4.4 billion, targeting higher sales and more savings in an environment of tightening defense budgets.
Lockheed to boost space expansion with $4.4 billion Aerojet deal
At $51, Lockheed will be buying Aerojet at a 21% premium from its closing price on Friday.
Lockheed Martin Corp. is expanding its foray into futuristic space travel and missile defense by acquiring supplier Aerojet Rocketdyne Holdings Inc. in a deal valued at $4.4 billion, targeting higher sales and more savings in an environment of tightening defense budgets.
Aerojet is a supplier to Lockheed, including its Lockheed Martin’s Grand Prairie-based Missiles and Fire Control division and its F-35 assembly facility in Fort Worth.
As part of the transaction, Aerojet declared a $5 per share special dividend to be paid on March 24 to holders of record as of March 10. The payment of that special dividend will adjust the $56 per share consideration to be paid by Lockheed Martin, according to a statement Sunday.
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