Aerojet Parent Buys Pratt & Whitney Rocketdyne, Boley New Aerojet President
July 23 must be a good day for mergers and acquisitions. In addition to the announcement earlier today that DigitalGlobe and GeoEye will merge, GenCorp announced that it is acquiring Pratt & Whitney Rocketdyne (PWR). GenCorp is the parent company of Aerojet, until now a major PWR competitor.
GenCorp Chief Executive Officer (CEO) Scott Seymour said the combined company would be "better positioned to compete in a dynamic, highly competitive marketplace, and provide more affordable products for our customers." GenCorp will pay $550 million to acquire PWR, financed with a combination of cash on hand and issuance of debt. The acquisition must obtain regulatory approval and is expected to close in the first half of 2013.
PWR and Aerojet are the major U.S. producers of rocket engines among other business lines.
At the same time, Aerojet announced that Warren M. Boley Jr. will become its new president on August 20, 2012, succeeding Seymour who also had served as Aerojet's president on top of his GenCorp duties since April 2010. Boley spent 27 years with the Pratt & Whitney business unit of United Technologies Corp. and most recently served as a Director of Boley Tool and Machine Works, Inc.
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