L3Harris Technologies (NYSE: LHX) has officially added a business segment upon the completion of the Melbourne, Florida-based aerospace and defense contractor’s $4.7 billion cash purchase of propulsion system builder Aerojet Rocketdyne.
Both parties first announced the $58-a-share deal in December 2022, with the acquirer aiming to grow its business opportunities across the rocket engine, missile defense and hypersonics markets.
L3Harris said Friday Ross Niebergall, the company’s former vice president and chief technology officer, will lead Aerojet Rocketdyne as president of the new segment.
The parent organization’s three other segments are focused on space and airborne, communications and integrated mission systems.
“With national security at the forefront, we’re combining our resources and expertise with Aerojet Rocketdyne’s propulsion and energetics capabilities to ensure that the Department of Defense and civil space customers can address critical mission needs globally,” said Chris Kubasik, chair and CEO of L3Harris and a three-time Wash100 Award winner.
L3Harris posted a 13 percent year-over-year increase in revenue for the three months ended June 30 and forecasts 2023 sales of between $18.0 billion and $18.3 billion.
Shares at the company gained 1.3 percent Friday and closed at $192.26.
