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“Acquiring Aerojet Rocketdyne will preserve and strengthen an essential component of the domestic defense industrial base and reduce costs for our customers and the American taxpayer,” Taiclet said in a statement.
“As part of Lockheed Martin, we will bring our advanced technologies together with their substantial expertise and resources to accelerate our shared purpose: enabling the defense of our nation and space exploration,” Aerojet’s CEO Eileen Drake said in a statement.
Lockheed said it would pay $56 per share for Aerojet Rocketdyne, a 33 percent premium to Friday’s closing price. Lockheed added the purchase price would be reduced to $51 per share after the payment of a pre-closing special dividend.