Defense Business Briefing -- March 21, 2023

Welcome to today's Defense Business Briefing, your weekly roundup of the latest defense industry news.

This week's top story

L3Harris' proposed purchase of Aerojet Rocketdyne hits a new snag

L3Harris Technologies has received a request for additional information -- what's known as a "second request" -- from the Federal Trade Commission regarding the company's proposed acquisition of Aerojet Rocketdyne.

News & notes

DOD planning new initiatives to attract private investments to critical technologies

The Defense Department's new Office of Strategic Capital is looking to launch several initiatives this year to attract "patient investment" to areas of emerging technology deemed critical for national security, with an eye toward loan guarantees and potentially co-funding the development of new capabilities.

DOD finalizing $1B spending plan to mitigate inflation on some contracts

The Defense Department is finalizing a proposal for how to spend more than $1 billion lawmakers appropriated for fiscal year 2023 for "revised economic assumptions" related to specific contracts beset by historic inflation, according to Pentagon Comptroller Mike McCord.

DOD establishes Joint Production Accelerator Cell to work industrial base issues

The Defense Department is establishing a Joint Production Accelerator Cell to help identify "optimal production strategies" and mitigate challenges facing the U.S. industrial base, according to a new memo from Pentagon acquisition chief Bill LaPlante.

Promotions & appointments

Ross, Winston join Northrop's board of directors

Northrop Grumman has elected Kimberly Ross and Mary Winston to its board of directors.

What's happening

The week ahead

Senior Pentagon officials are heading to Capitol Hill this week to testify on the fiscal year 2024 budget request.

For Inside Defense subscribers

Marines' $3.6B unfunded priorities list includes San Antonio-class amphib

The Marine Corps has sent Congress an unfunded priorities list totaling $3.6 billion, including $1.7 billion for a San Antonio-class amphibious dock ship that was not included in the Pentagon's fiscal year 2024 budget request.

AF seeks FY-24 new start for Hawaii radar to meet 'urgent' cruise missile detection need

The Air Force wants to launch a competition for a new "state-of-the-art" long-range radar in fiscal year 2024 to defend Hawaii from cruise missile threats in response to an "urgent mission need" from U.S. Indo-Pacific and Northern commands along with the Federal Aviation Administration and have the new sensor operational by 2027.

Pentagon says House GOP's reported budget cuts would be 'potentially devastating'

Should House Republicans support returning federal discretionary spending to levels not seen since fiscal year 2022, the nearly $100 billion reduction in funding to the Defense Department could have "harmful and potentially devastating" effects, according to a new letter from the Pentagon comptroller.