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Aerojet Rocketdyne has secured a $67 million contract from Lockheed Martin to supply propulsion systems for the Orion spacecraft, supporting NASA's Artemis missions VI-VIII. This contract expands upon the company's previous Orion Production and Operations Contract from 2019. The Orion spacecraft recently demonstrated its capabilities during the Artemis I test flight, paving the way for future human spaceflight missions. The new contract entails delivering three additional sets of auxiliary engines and jettison motors, essential for maintaining Orion's trajectory and ensuring astronaut safety. The engines each produce 105 pounds of thrust, while the jettison motor generates 40,000 pounds of thrust during launch abort scenarios. This work will primarily be done at Aerojet Rocketdyne's facilities in Redmond, Washington, and Huntsville, Alabama.
Aerojet Rocketdyne has successfully completed the four RS-25 engines for NASA's Space Launch System (SLS) rocket, which will power the Artemis III mission aimed at returning humans to the Moon. Scheduled for launch in the mid-2020s, this mission marks a significant milestone in the U.S. space program, using advancements from previous missions. The upgraded engines will generate approximately 2 million pounds of thrust and have a successful history in supporting 26 Space Shuttle missions. Aerojet Rocketdyne also provides other propulsion systems for the SLS and the Orion spacecraft, designed and tested at various locations across the U.S. This development underscores Aerojet Rocketdyne’s pivotal role in NASA’s lunar exploration goals and future crewed missions to Mars.
Aerojet Rocketdyne has secured a $215.6 million Cooperative Agreement from the Defense Department aimed at enhancing domestic rocket propulsion manufacturing capabilities. This agreement, facilitated by the Office of Manufacturing Capability Expansion and Investment Prioritization, will primarily focus on increasing production for tactical missile systems like Javelin, Stinger, and GMLRS. In addition to building modernized facilities and acquiring advanced equipment, the company aims to automate its manufacturing processes. Recent investments include a 51,000 sq. ft. facility in Camden, Arkansas, and a 379,000 sq. ft. facility in Huntsville, Alabama. Aerojet Rocketdyne continues to play a pivotal role in supporting defense missions with its advanced propulsion systems.
Aerojet Rocketdyne has secured a contract from Lockheed Martin for additional solid rocket motors and Divert and Attitude Control Systems (DACS) for the Terminal High Altitude Area Defense (THAAD) system. This contract covers interceptor propulsion for U.S. government lots 13/14 and Foreign Military Sales. THAAD is vital for defending against medium and intermediate-range missile threats with a 100% success rate in intercept tests. The production occurs across multiple facilities in Alabama, Arkansas, and California, underscoring Aerojet Rocketdyne's commitment to quality and national defense.
Aerojet Rocketdyne is enhancing its production capabilities to supply advanced solid rocket motors for the Army’s Guided Multiple Launch Rocket System (GMLRS). Recent upgrades include new manufacturing equipment and automation, aimed at meeting increased demand. CEO Eileen P. Drake highlighted the company's long-standing relationship with Lockheed Martin, having delivered over 35,000 motors for U.S. and allied forces. Aerojet is the exclusive producer of both composite and steel-case GMLRS motors, which have been pivotal in various conflicts, including Ukraine. The company remains committed to modernizing its facilities to support future military needs.
Aerojet Rocketdyne's shareholders have approved all proposals necessary for L3Harris Technologies to proceed with the acquisition. This marks a significant milestone in the acquisition process, with integration planning already underway according to L3Harris CEO Christopher E. Kubasik. The company is currently addressing inquiries from the Federal Trade Commission as they aim for a swift closing.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced stockholder approval for its acquisition by L3Harris Technologies (NYSE: LHX) at a special meeting held on March 16, 2023. An overwhelming 99.7% of votes cast favored the transaction. CEO Eileen P. Drake emphasized the merger's potential to enhance innovation and competition in national security and space exploration propulsion solutions. The transaction is expected to close in 2023, pending regulatory approvals and customary closing conditions. Aerojet Rocketdyne remains focused on creating significant benefits for stakeholders, though there are risks regarding integration and market performance.
The Military Drone market is poised for significant growth, driven by increasing defense budgets, particularly in North America. Notably, countries like the U.S. are investing in advanced military drones for operations and surveillance. The Asia Pacific region is expected to see rapid expansion due to rising military expenditures and the need for enhanced border security. AeroVironment (AVAV), Aerojet Rocketdyne (AJRD), and Red Cat Holdings (RCAT) are active players in this sector, with AeroVironment reporting a 49% year-over-year revenue increase and record backlog. The fixed-wing segment is anticipated to dominate the market through 2028.
L3Harris Technologies (NYSE: LHX) has received a 'second request' from the Federal Trade Commission (FTC) regarding the regulatory review of its acquisition of Aerojet Rocketdyne (NYSE: AJRD). This request extends the waiting period mandated by the Hart-Scott-Rodino Act until 30 days after L3Harris and Aerojet Rocketdyne fulfill the FTC's information request. The transaction is still anticipated to close in 2023, pending shareholder approval from Aerojet Rocketdyne and other standard closing conditions.
Aerojet Rocketdyne has delivered its 830,000th Attitude Control Motor (ACM) for the Patriot missile system, including the PAC-3 Missile Segment Enhancement (MSE). This milestone is crucial given the rising demand for defense systems. Investments in production facilities have increased ACM output by 40%, allowing the transition from two to three production lines. Each PAC-3 MSE missile uses 180 ACMs for precise guidance. Aerojet Rocketdyne has been supplying ACMs since 2004 and also contributes a dual-pulse solid rocket motor for the system. The company continues to enhance its production capabilities with new facilities and advanced equipment.