{"id":31046,"date":"2020-12-21T00:35:47","date_gmt":"2020-12-21T00:35:47","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2020\/12\/21\/lockheed-buys-aerojet-rocketdyne-in-44b-deal\/"},"modified":"2026-08-07T22:36:05","modified_gmt":"2026-08-07T22:36:05","slug":"lockheed-buys-aerojet-rocketdyne-in-44b-deal","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/industry\/2020\/12\/21\/lockheed-buys-aerojet-rocketdyne-in-44b-deal\/","title":{"rendered":"Lockheed Martin buys Aerojet Rocketdyne in $4.4B deal"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><i>Updated on 12\/21\/2020 at 8:39 am to include comments from Lockheed Martin call with investors and at 10:06 am to add analyst comment.<\/i><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WASHINGTON \u2014 Lockheed Martin will acquire Aerojet Rocketdyne in a $4.4 billion deal that will allow the defense giant to beef up its technical know-how in the areas of space, propulsion and munitions, the companies announced Dec. 20.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The acquisition signals Lockheed\u2019s continued interest in the areas of hypersonic weapons and space \u2014 two major technology development priorities for the Defense Department and two areas of increased investment in recent years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In particular, the acquisition would add \u201csubstantial expertise\u201d to Lockheed in the area of propulsion, as Aerojet\u2019s engines are <a href=\"https:\/\/www.defensenews.com\/digital-show-dailies\/ausa\/2020\/10\/16\/lockheed-teams-with-aerojet-on-next-generation-interceptor\/\" target=_blank>already part of its supply chain<\/a> across the company\u2019s space, aeronautics and missile and fire control business units, Lockheed said in a news release<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAcquiring 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,\u201d said Lockheed President and CEO Jim Taiclet. \u201cThis transaction enhances Lockheed Martin\u2019s support of critical U.S. and allied security missions and retains national leadership in space and hypersonic technology.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During a call with investors on Monday morning, Taiclet said that the Aerojet acquisition could drive efficiencies for Lockheed, especially in the space and missiles business areas, resulting in cost savings and products getting to market faster.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI think on all of the key variants of cost, schedule, and quality, we\u2019re going to be a better operator and a better supplier for our customer base,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lockheed Chief Financial Officer Ken Possenriede added that the company\u2019s analysis projected faster topline growth for Aerojet\u2019s business when compared to Lockheed\u2019s heritage product lines, even when taking into account the flattening defense budgets expected in the near term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cAnd that\u2019s only going to get better with the combination of the two entities,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In its own statement, Aerojet Rocketdyne also hailed the sale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cJoining Lockheed Martin is a testament to the world-class organization and team we\u2019ve built and represents a natural next phase of our evolution,\u201d said Aerojet President and CEO Eileen Drake. \u201cAs part of Lockheed Martin, 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.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transaction is expected to close in the second half of 2021, though it is subject to the approval of the Defense Department and other regulatory authorities. Taiclet expects the Pentagon to allow the sale to move forward because of its approval in 2018 of Northrop Grumman\u2019s acquisition of Orbital ATK, a propulsion and munitions manufacturer with a similar portfolio to Aerojet.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Byron Callan, a defense analyst with Capital Alpha Partners, called the deal \u201cthe first test of the Biden Administration and its views on defense sector consolidation\u201d in an email to investors. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe have moderate confidence that this deal will be completed, pending better visibility on who is appointed and confirmed at DoD by the Biden Administration,\u201d he wrote.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement calls for Lockheed to pay $56 per share in cash, which is expected to be reduced to $51 per share after the payment of a pre-closing special dividend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lockheed Martin ranked first on<a href=\"https:\/\/people.defensenews.com\/top-100\/\" target=_blank> Defense News\u2019 Top 100<\/a> list of defense companies in 2020. Aerojet was No. 51 on the list. Aerojet Rocketdyne logged approximately $2 billion in revenue in 2019 and has about 5,000 workers across 15 sites.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sacramento, California-based Aerojet is providing the primary propulsion for both <a href=\"https:\/\/www.defensenews.com\/digital-show-dailies\/ausa\/2020\/10\/16\/lockheed-teams-with-aerojet-on-next-generation-interceptor\/\" target=_blank>Lockheed\u2019s<\/a> and Boeing\u2019s entrant to build a next-generation missile defense interceptor for the Missile Defense Agency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, the company has supplied the upper stage engine for United Launch Alliance\u2019s Atlas 5 rocket and the upper and main-stage engines for the Delta 4 rocket. United Launch Alliance, a joint venture between Lockheed Martin and Boeing, is phasing out both vehicles.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Defense giant Lockheed announced it is acquiring defense rocket engine manufacturer Aerojet Rocketdyne<\/p>\n","protected":false},"author":7,"featured_media":52919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":12,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[7,160,12,36],"tags":[],"coauthors":[3384],"class_list":["post-31046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-air","category-daily-news-roundup","category-industry","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"FR5SEQ6F6VBHXDAUYTIXBLP4CQ","arc_canonical_url":"\/industry\/2020\/12\/20\/lockheed-buys-aerojet-rocketdyne-in-44b-deal\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lockheed Martin buys Aerojet Rocketdyne in $4.4B deal - Defense News<\/title>\n<meta name=\"description\" content=\"Defense giant Lockheed announced it is acquiring defense rocket engine manufacturer Aerojet Rocketdyne\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lockheed Martin buys Aerojet Rocketdyne in $4.4B deal\" \/>\n<meta property=\"og:description\" content=\"Defense giant Lockheed announced it is acquiring defense rocket engine manufacturer Aerojet Rocketdyne\" \/>\n<meta property=\"og:url\" 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