Business

July 23, 2012

United Technologies to sell Rocketdyne unit to GenCorp Inc.

United Technologies Corp. announced July 23 it has reached agreement to sell its Rocketdyne unit, currently part of Pratt & Whitney, to GenCorp Inc. for $550 million.

The transaction is expected to close in the first half of 2013.

As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation. The transaction is subject to customary closing conditions, including regulatory approvals.

“We are pleased to announce GenCorp’s agreement to purchase Rocketdyne. It is a significant step in our ongoing portfolio transformation,” said UTC Chairman and CEO Louis Chenevert. “While it is not core to UTC’s commercial building systems and aerospace businesses, Rocketdyne is a solid company and a national asset with many talented employees. Leading up to the closing with GenCorp, we will remain focused on operational excellence and 100 percent mission success.”

Scott Seymour, GenCorp CEO, said, “We see great strategic value in this transaction for the country, our customers, partner supply base and our shareholders.

“The combined enterprise will be better positioned to compete in a dynamic, highly competitive marketplace, and provide more affordable products for our customers,” Seymour continued.

“In addition, this transaction almost doubles the size of our company and provides additional growth opportunities as we build upon the complementary capabilities of each legacy company that has enabled a generation of human space travel and national security launch services. We have the opportunity to build upon the proud heritage of our companies, the ability to create increased value for our customers and, best of all, to secure the future of both organizations,” Seymour said.

PWR, headquartered in Canoga Park, Calif., is a provider of high-value propulsion, power, energy and innovative system solutions used in a wide variety of government and commercial applications, including the main engines for the Atlas and Delta launch vehicles, missile defense systems and advanced hypersonic engines.




All of this week's top headlines to your email every Friday.


 
 

 

U.S. Air Force selects Cubic for Moroccan P5 air combat training system

Cubic Defense Systems, a subsidiary of Cubic Corporation announced April 11 it has been awarded a contract valued at more than $5 million from the U.S. Air Force to supply its P5 Combat Training System to the Moroccan Air Force. Morocco will join the United States Air Force, Navy, and Marine Corps, along with a...
 
 

Boeing realigns engineering to enhance customer Support

Boeing announced April 10 it is centralizing customer support for in-service airplanes at its Boeing Commercial Airplanes Engineering Design Center in Southern California, as the company continues to focus on increasing competitiveness while enabling continued growth of the global airline industry. “We’re creating a single location for customer support at the Southern California des...
 
 
Northrop Grumman photograph by Alan Radecki

Legendary Collier Trophy awarded to X-47B team

Northrop Grumman photograph by Alan Radecki The Northrop Grumman-built X-47B Unmanned Combat Air System (UCAS) approaches the flight deck of the USS George H.W. Bush (CVN 77), seconds before making history by being the first un...
 

 
Lockheed Martin photograph

First C-130J Super Hercules ëShimshoní arrives In Israel

Lockheed Martin photograph On April 4, 2014, the Israeli Air Forceís first C-130J Super Hercules aircraft left the Lockheed Martin Aeronautics facility where it was built in Marietta, Ga., for Nevatim Air Base, Israel. This Su...
 
 

Lockheed Martin opens new office in Israel

Lockheed Martin Chairman, President and CEO Marillyn Hewson officially opened the company’s newest office in Israel April 9 to support the corporation’s growing presence in that important country. The new office, located in Be’er Sheva, further demonstrates the Corporation’s commitment to supporting the Israeli Defense Force and their “Move to the South” campaign. ...
 
 

Kelly Aviation Center is now Lockheed Martin Commercial Engine Solutions

Kelly Aviation Center, a leading provider of aircraft engine maintenance, repair, and overhaul for international commercial and military customers, has changed its name to Lockheed Martin Commercial Engine Solutions. “Since 1999, we have been proud to be Lockheed Martin’s only jet engine MRO service provider,” said Amy Gowder, vice president and general manager of LMCES....
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>