Aerojet Rocketdyne Holdings, Inc. has reaffirmed its strong foundation for substantial value creation following the termination of its merger agreement with Lockheed Martin Corporation. The Company issued the following statement:
We are poised to deliver substantial value to our shareholders driven by our continued leadership in key space exploration and defense growth markets, including by advancing hypersonics and strategic, tactical and missile defense systems.
Aerojet Rocketdyne has delivered strong shareholder returns of 166% over the five years prior to the transaction announcement, significantly outperforming the Aerospace and Defense Index by 33% and the S&P 500 by 62%.
We are confident in our future performance with an impressive backlog that is more than three times the size of our annual sales and a strong macroeconomic environment underpinning our portfolio. We look forward to providing further details regarding our financial performance and strategy on our fourth quarter and full year 2021 earnings report on Feb. 17, 2022.
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Lockheed Martin ends takeover of Aerojet after US lawsuit
New York (AFP) Feb 14, 2022
US defense company Lockheed Martin has given up its $4.4 billion takeover of propulsion systems manufacturer Aerojet Rocketdyne after regulators sued to stop the deal. In a statement released Sunday, Lockheed Martin cited the lawsuit filed by the Federal Trade Commission (FTC) in late January as the reason for abandoning the deal, which the FTC argued would lead to higher costs on defense systems. "Our planned acquisition of Aerojet Rocketdyne would have benefitted the entire industry through gr ... read more