Lockheed Martin Corp. entered into a definitive agreement to acquire Aerojet Rocketdyne Holdings Inc. for approximately $4.4 billion. With nearly 5,000 employees and 15 primary operations sites across the United States, Aerojet Rocketdyne is a world-recognized aerospace and defense rocket engine manufacturer. The company’s propulsion systems are a key component of Lockheed Martin’s supply chain and several advanced systems across its Aeronautics, Missiles and Fire Control and Space business areas. The proposed acquisition adds substantial expertise in propulsion to Lockheed Martin’s portfolio.

The transaction is expected to close in the second half of 2021 and is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Aerojet Rocketdyne's stockholders.

“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.