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.


 
 

 

Headlines January 23, 2015

News: Yemen chaos threatens U.S. counterterror efforts, including drone programĀ - The White House’s strategy for fighting al-Qaeda in Yemen – repeatedly presented as a model by President Obama – was left in tatters Thursday by the resignation of the man who personally approved U.S. drone strikes in the country and the collapse of its central...
 
 

News Briefs January 23, 2015

NATO detects key Russian military equipment in east Ukraine NATO’s top commander in Europe says the alliance has detected the presence of key Russian military equipment in eastern Ukraine that, in the past, has accompanied large inflows of Russian troops. Gen. Philip Breedlove told a news conference Jan. 22 in Brussels that Russian electronic warfare...
 
 
Boeing photograph

Boeing Maritime Surveillance Aircraft ready for demonstration flights

Boeing photograph The Boeing Maritime Surveillance Aircraft program is ready for customer demonstration flights, having completed the baseline ground and flight testing of the aircraft mission systems. The Boeing Maritime Surve...
 

 
Air Force photograph by Jacqueline Cowan

F135 test demonstrates success of AEDC workshare initiative

Air Force photograph by Jacqueline Cowan Aerospace Testing Alliance Test Engineer Darren Carroll, pictured in front, assists as Pratt & Whitney Test Engineer Ronnie Thomas does a borescope inspection of the fan on the F135 ...
 
 
U.S. Air Force photo by Master Sgt. Kevin J. Gruenwald

40 years of Red Flag at Nellis

U.S. Air Force photo by Master Sgt. Kevin J. Gruenwald A flight of F-15 Eagles and F-16 Fighting Falcons Aggressors fly in formation over the Nevada Test and Training Ranges June 5, 2008. The proposal for Red Flag came in early...
 
 
Lockheed Martin photograph

Navy gears up to order production of 29 aircraft diagnostic systems

Lockheed Martin photograph Petty Officers Third Class Ira Schwartz assigned to Fleet Readiness Center Southeast at Naval Air Station Jacksonville, Fla., left, and Devin Riley from Fleet Readiness Center Mid-Atlantic at Naval Ai...
 




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>