Lockheed Martin Corporation has agreed to acquire aerospace and defense rocket engine manufacturer Aerojet Rocketdyne Holdings Inc for a total transaction value of US$4.4 billion.

Aerojet had a 2019 revenue of approximately US$2 billion and employs nearly 5000 employees in 15 primary operations sites across the United States. According to Lockheed, Aerojet Rocketdyne's propulsion systems are already a component of Lockheed Martin's supply chain and systems in its aeronautics, missiles and fire control, and space business areas.

‘Acquiring 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,’ said James Taiclet, Lockheed Martin president and CEO. ‘This transaction enhances Lockheed Martin's support of critical US and allied security missions and retains national leadership in space and hypersonic technology.’

The transaction is expected to close in the second half of 2021.

This story uses material from Lockheed, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.