L3Harris Technologies and Aerojet Rocketdyne companies announced on Sunday, 18th December, that they have acquired Aerojet in a signed agreement worth $4.7 billion from L3Harris. The deal is scheduled to be completed in 2023.

According to DefenseNews, in February, Lockheed Martin terminated its $4.4 billion acquisition agreement with Aerojet Rocketdyne. Two years ago, Lockheed announced it would buy Aerojet, but the deal soon sparked controversy. Raytheon Technologies openly objected, saying the transaction would force it to negotiate with Lockheed, a major competitor for solid rocket engines. After the discussions, Lockheed Martin announced that it would not buy Aerojet. Subsequently, L3Harris took the step of acquiring Aerojet and signed an agreement of 4.7 billion dollars.

L3Harris and Aerojet companies said in an announcement on Sunday: “The agreement will ensure that the defence industry base and our customers have a strengthened commercial supplier to effectively address both existing and emerging threats, and will provide advanced missile technologies, hypersonic and more. It will promote scientific discovery and innovation through targeted investment.”

With an average annual revenue of $2.3 billion, Aerojet has facilities in California, Arkansas, Florida, Alabama and Washington.