☰ Menu

Aerojet Rocketdyne Holdings, Inc. to Acquire Coleman Aerospace; Expanding into Target Missile Vehicle Business

Feb 22,2017
<< Back

Aerojet Rocketdyne Holdings, Inc. to Acquire Coleman Aerospace; Expanding into Target Missile Vehicle Business

EL SEGUNDO, Calif., Feb. 22, 2017 (GLOBE NEWSWIRE) -- Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) announced today that it has signed a definitive agreement to purchase Coleman Aerospace from L3 Technologies, Inc. for $15 million in cash, subject to customary adjustments. The transaction is expected to close by the end of the month. Coleman Aerospace will operate as a subsidiary of Aerojet Rocketdyne, Inc. and will be renamed Aerojet Rocketdyne Coleman Aerospace, Inc. ("Coleman").

Coleman, founded in 1980, is an innovative systems engineering and integration provider. Both a prime contractor and subcontractor, Coleman provides a variety of suborbital launch vehicles, payloads, and launch services. Coleman develops and integrates air- and ground-launched ballistic missile targets and mission planning for the U.S. Missile Defense Agency, and hypersonic testing for the U.S. Air Force Research Laboratory.

The acquisition builds upon and expands Aerojet Rocketdyne's capabilities in mission analysis and systems engineering, and increases its product portfolio to include vehicle integration for small-, medium- and intermediate-range ballistic missile targets and other small launch vehicles. The Coleman business is expected to generate approximately $40 million in revenue in 2017.

"The addition of Coleman's vehicle integration expertise supports our growth strategy for offering an expanded range of products and services to the defense and space markets," said Aerojet Rocketdyne Holdings, Inc. CEO and President Eileen Drake. "This deal represents a sound investment in both advanced technologies and new capabilities that build upon our decades of experience as the nation's leading propulsion provider. We respect the long-standing reputation for quality and customer focus that Coleman has built in the aerospace industry and in the Orlando community, and we are thrilled to welcome them to our company."

Coleman will operate at its existing location in Orlando, Florida and will assume the new Space Coast Integration & Test facility lease at Cape Canaveral Air Force Station in Florida. A ribbon cutting ceremony to officially open the Space Coast facility is planned for this Friday, Feb. 24, 2017.

Aerojet Rocketdyne has nearly 5,000 employees at 14 sites around the country, including approximately 400 employees at its facility in West Palm Beach, Florida.

About Aerojet Rocketdyne Holdings, Inc.
Aerojet Rocketdyne Holdings, Inc., headquartered in El Segundo, California, is an innovative technology-based manufacturer of aerospace and defense products and systems, with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company's excess real estate assets. More information can be obtained by visiting the company's website at www.aerojetrocketdyne.com.

Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "expect," "strategy," "future," "may," "will," and similar references to future periods. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected depending on a number of risks, uncertainties and other factors. Such risks, uncertainties and other factors include, among other things: economic and financial conditions; changes in customer demand and requirements; the possibility that the pending acquisition does not close at the expected time; the ability to integrate the acquired operations; cancellation or material modification of one or more contracts; changes in labor costs and labor difficulties; and the ability to implement the anticipated business plans following closing. Forward-looking statements in this press release should be evaluated together with the many factors that affect Aerojet Rocketdyne Holdings, Inc.'s business as described in more detail in its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.


Contact information:

Investors: Paul Lundstrom, Chief Financial Officer, 310-252-8142

Investor Relations: Pete Knudsen, Director, Investor Relations, 916-355-2252

Media: Glenn Mahone, Vice President, Communications, 202-302-9941

Primary Logo

Source: Aerojet Rocketdyne Holdings, Inc.

News Provided by Acquire Media

Copyright

© 2022 Aerojet Rocketdyne Holdings. All rights reserved.  |  Privacy Statement  |  Site Map  |  Contact Us  |  Ethics, Compliance & Safety Helpline Submittal Form or call 855-346-5043

In Northern Ireland from an outside line, 1) call 0-800-89-0011 (or 0-500-89-0011 for UK, C&W), and 2) at the English prompt, dial 855-346-5043.

 

CA Transparency in Supply Chains Act Notification: The Aerojet Rocketdyne, Inc. is a manufacturer of products for the U.S. Government. As such, it is currently accepting contracts with a clause regarding slavery and human trafficking, specifically Federal Acquisition Regulation clause FAR 52.222-50, Combating Trafficking in Persons. Aerojet Rocketdyne issued an appropriate internal directive prohibiting conduct proscribed by this clause, and notified its employees of these requirements and possible consequences of noncompliance. Furthermore, Aerojet Rocketdyne requires its suppliers accept the same clause in purchase orders ultimately having federal customers, and requires their lower tier suppliers do the same. Government contractors warrant or certify their contract clause compliance, and the U.S. Government and Aerojet Rocketdyne may conduct reasonable audits of its suppliers for compliance. Aerojet Rocketdyne buyers are being trained that an exception to this clause is not to be allowed, absent a legal review.