Photo: Aerojet Rocketdyne
Back in late October, a rather long and legally-twisted saga ended with Elon Musk finally becoming the owner of Twitter. The Tesla and SpaceX CEO paid about $44 billion for the privileges of owning one of the world’s most influential social media platforms. And that’s significantly more than what one of the world’s oldest and most successful rocket engine makers went for this week.
The basis of Aerojet Rocketdyne was set more than a century ago, in 1915, in Akron, Ohio. Back then the company was called General Tire & Rubber, because it made, well, rubber and tires. It kept doing so for about four decades, until the 1940s, when it made a bold step into the world of aeronautics, transforming at first into Aerojet and later incorporating North American Aviation’s Rocketdyne.
The success of what is now Aerojet Rocketdyne is undisputed. The name is behind the engines of some of the most impressive and historically important rockets ever made, as its hardware powered or powers the Saturn V (the Apollo program’s workhorse), the Space Shuttle, and the current Delta IV and Atlas V rockets.
Like most other companies involved in aeronautics and space exploration, Aerojet Rocketdyne has a defense component as well.
All of the above conspired in convincing defense contractor L3Harris to purchase Aerojet Rocketdyne’s holding company. As per an announcement made today, L3Harris will acquire the rocket maker for a total of $4.7 billion, including net debt.
Just to give you an idea of the general public’s priorities these days, that’s just ten percent of what Musk paid for Twitter. Granted, the price per share is similar, $54.20 Twitter vs $58 Aerojet.
The deal between the two companies is expected to close sometime in 2023, subject to required regulatory approvals and clearances, and it will create another behemoth of the military and aeronautics industries, counting some 50,000 employees. The combined goal, as stated by L3 Harris, is to “ensure the defense industrial base and our customers will have a strengthened merchant supplier to effectively address both current and emerging threats.”
In words we can all understand, a lot of talent, money and work will be spent in coming up with new missile technologies and hypersonic solutions. No specifics were provided though.
On its end of the rope, L3Harris is currently making products for three segments of the military and space industries, namely integrated mission systems, space and airborne systems, and communications systems.
One of the company’s most recent projects involved providing mission-management processors for the Boeing T-7A Red Hawk, a jet trainer for which the U.S. Air Force will pay a total of $9.2 billion (for 351 units).
By buying Aerojet Rocketdyne, L3Harris is now taking a huge step towards securing a true foothold in rocket-making.
The success of what is now Aerojet Rocketdyne is undisputed. The name is behind the engines of some of the most impressive and historically important rockets ever made, as its hardware powered or powers the Saturn V (the Apollo program’s workhorse), the Space Shuttle, and the current Delta IV and Atlas V rockets.
Like most other companies involved in aeronautics and space exploration, Aerojet Rocketdyne has a defense component as well.
All of the above conspired in convincing defense contractor L3Harris to purchase Aerojet Rocketdyne’s holding company. As per an announcement made today, L3Harris will acquire the rocket maker for a total of $4.7 billion, including net debt.
Just to give you an idea of the general public’s priorities these days, that’s just ten percent of what Musk paid for Twitter. Granted, the price per share is similar, $54.20 Twitter vs $58 Aerojet.
The deal between the two companies is expected to close sometime in 2023, subject to required regulatory approvals and clearances, and it will create another behemoth of the military and aeronautics industries, counting some 50,000 employees. The combined goal, as stated by L3 Harris, is to “ensure the defense industrial base and our customers will have a strengthened merchant supplier to effectively address both current and emerging threats.”
In words we can all understand, a lot of talent, money and work will be spent in coming up with new missile technologies and hypersonic solutions. No specifics were provided though.
On its end of the rope, L3Harris is currently making products for three segments of the military and space industries, namely integrated mission systems, space and airborne systems, and communications systems.
One of the company’s most recent projects involved providing mission-management processors for the Boeing T-7A Red Hawk, a jet trainer for which the U.S. Air Force will pay a total of $9.2 billion (for 351 units).
By buying Aerojet Rocketdyne, L3Harris is now taking a huge step towards securing a true foothold in rocket-making.
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