L3Harris completes Aerojet Rocketdyne acquisition

By Apurva Minchekar / July 28, 2023 at 11:08 PM

L3Harris Technologies announced today it has completed the acquisition of Aerojet Rocketdyne.

“With national security at the forefront, we’re combining our resources and expertise with Aerojet Rocketdyne’s propulsion and energetics capabilities to ensure that Department of Defense and civil space customers can address critical mission needs globally,” L3Harris Chairman and CEO Christopher Kubasik said in the announcement.

According to media reports, the deal was closed at $4.7 billion, forming L3Harris' fourth business segment.

The acquisition diversifies L3Harris' portfolio, adding a considerable long-cycle backlog and broad expertise to enable missile defense systems, hypersonic and advanced rocket engine opportunities, the company said.

L3Harris also announced Ross Niebergall as the new president of the Aerojet Rocketdyne segment, who said: “We will expand on the strong Aerojet Rocketdyne heritage to enhance production and deliver on [customer’s] expectations.”

L3Harris said it will update its financial guidance in October for five months and then in January 2024, which will remain consistent with the rest of the portfolio that will be disclosed in the third-quarter earnings call, company Senior Vice President and Chief Financial Officer Michelle Turner said during the second-quarter earnings call yesterday.