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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lockheed Martin Corp | NYSE:LMT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.29 | -0.28% | 461.91 | 462.93 | 457.1701 | 462.93 | 910,776 | 23:01:17 |
By Doug Cameron
Lockheed Martin Corp. announced plans on Sunday to buy space and missile defense specialist Aerojet Rocketdyne Holdings Inc. for around $4.6 billion in cash.
The proposed deal would give it one of the largest makers of rocket motors for space launch vehicles and missiles, one of the few growth areas even as the Pentagon's budget is expected to remain flat over the next several years.
Lockheed Martin Chief Executive Jim Taiclet flagged plans to prioritize acquisitions when he took over in the summer, and the proposed deal follows a recent string of smaller transactions by rivals in the defense services sector.
Aerojet Rocketdyne employs around 5,000 staff and had revenue of almost $2 billion last year. Its order backlog approaching $7 billion includes some of the biggest Pentagon priorities such as hypersonic missiles as well as work for the National Aeronautic and Space Administration.
The company makes rocket boosters for key missile defense systems such as Lockheed's own Thaad program and provides a route into other big priorities such as the replacement of land-based nuclear missiles led by Northrop Grumman Corp. and the Boeing Co.-led Space Launch System.
Lockheed Martin offered $56 a share for Aerojet, reduced to $51 following the payment of a cash dividend, a 17% premium over its closing price Friday.
Write to Doug Cameron at doug.cameron@wsj.com
(END) Dow Jones Newswires
December 20, 2020 19:01 ET (00:01 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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