Aerojet Rocketdyne: Difference between revisions
updated for acq completion |
Merge from Aerojet Rocketdyne in preparation for swap. The distinction between Aerojet Rocketdyne and Aerojet Rocketdyne Holdings is just a legal fiction after the purchase by L3Harris (the holding company is now the Aerojet Rocketdyne business segment, and the company is now the "Missile Solutions" and "Space Propulsion and Power Systems" sectors) |
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| foundation = {{Start date and age|1915}} in [[Akron, Ohio]], [[United States|U.S.]] |
| foundation = {{Start date and age|1915}} in [[Akron, Ohio]], [[United States|U.S.]] |
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| founder = William F. O'Neil |
| founder = William F. O'Neil |
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| location_city = [[ |
| location_city = [[Palm Bay, Florida]] |
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| location_country = [[United States|U.S.]] |
| location_country = [[United States|U.S.]] |
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| area_served = Nationwide |
| area_served = Nationwide |
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| key_people = |
| key_people = Ross Niebergall<br />([[President (corporate title)|Segment President]]) |
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| subsid = {{unbulleted list|[[Aerojet Rocketdyne]]|Easton Development Company, LLC }} |
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| revenue = {{increase}} {{US$|2.24 billion|link=yes}} (2022) |
| revenue = {{increase}} {{US$|2.24 billion|link=yes}} (2022) |
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| operating_income = {{decrease}} US$145 million (2022) |
| operating_income = {{decrease}} US$145 million (2022) |
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| parent = [[L3Harris]] |
| parent = [[L3Harris]] |
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| num_employees = 5,283 (2022) |
| num_employees = 5,283 (2022) |
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| website = {{URL| |
| website = {{URL|https://www.l3harris.com/company/aerojet-rocketdyne}} |
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| footnotes = <ref name="Finance">{{cite web|title=Aerojet Rocketdyne Holdings 2022 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/40888/000004088823000005/ajrd-20221231.htm|date=15 February 2023|publisher=[[U.S. Securities and Exchange Commission]]}}</ref> |
| footnotes = <ref name="Finance">{{cite web|title=Aerojet Rocketdyne Holdings 2022 Annual Report (Form 10-K) |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/40888/000004088823000005/ajrd-20221231.htm|date=15 February 2023|publisher=[[U.S. Securities and Exchange Commission]]}}</ref> |
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}} |
}} |
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'''Aerojet Rocketdyne |
'''Aerojet Rocketdyne''' is [[subsidiary]] of American [[Arms industry|defense]] company [[L3Harris Technologies]] that manufactures rocket, [[Hypersonic flight|hypersonic]], and electric propulsive systems for space, defense, civil and commercial applications.<ref>{{Cite web|url=https://aerojetrocketdyne.com/about-us|title = About Us | Aerojet Rocketdyne Holdings, Inc}}</ref><ref>{{Cite web|url=https://www.rocket.com/defense/hypersonics|title=Hypersonics | Aerojet Rocketdyne|website=www.rocket.com}}</ref><ref name="day1">{{cite news |last1=Weisgerber |first1=Marcus |title=On Day 1 of ownership, L3Harris pledges to invest in Aerojet Rocketdyne |url=https://www.defenseone.com/business/2023/07/day-1-ownership-l3harris-pledges-invest-aerojet-rocketdyne/388937/ |access-date=1 August 2023 |work=Defense One |date=28 July 2023 |language=en}}</ref> [[Aerojet]] traces its origins to the [[General Tire and Rubber Company]] established in 1915, while [[Rocketdyne]] was created as a division of [[North American Aviation]] in 1955.<ref>{{cite press release|url=http://globenewswire.com/news-release/2015/04/21/726742/10130038/en/GenCorp-Announces-Effective-Date-for-Name-and-Stock-Ticker-Symbol-Change.html|title=GenCorp Announces Effective Date for Name and Stock Ticker Symbol Change|author=Aerojet Rocketdyne Holdings, Inc.|date=21 April 2015|website=GlobeNewswire News Room}}</ref><ref>{{Cite web|url=https://www.britannica.com/topic/Rocketdyne|title = Rocketdyne | American company | Britannica}}</ref> Aerojet Rocketdyne was formed in 2013 when [[Aerojet]] (then owned by [[GenCorp]]) and [[Pratt & Whitney Rocketdyne]] were merged, following the latter's acquisition by GenCorp from [[Pratt & Whitney]].<ref name=sfn-20130618>{{cite news |url=http://spaceflightnow.com/news/n1306/18aerojet/ |title=Two engine rivals merge into Aerojet Rocketdyne |publisher=Spaceflight Now |date=18 June 2013 |access-date=22 June 2013}}</ref><ref name=alcom-201306hwacd>{{cite web |url=http://www.al.com/business/index.ssf/2013/06/heres_why_aerojet_could_dangle.html |title=Here's how Aerojet Rocketdyne might bring 5,000 new aerospace engineering jobs to Huntsville |first=Lee |last=Roop |date=June 17, 2013 |website=www.al.com |publisher=Alabama Media Group |access-date=2016-10-03}}</ref> On April 27, 2015, the name of the holding company, GenCorp, was changed from ''GenCorp, Inc.'' to ''Aerojet Rocketdyne Holdings, Inc''.<ref name=aerojetrocketdyne-history20160807>{{cite web |url=http://aerojetrocketdyne.com/content/history |title=History |publisher=Aerojet Rocketdyne Holdings, Inc |archive-url=https://web.archive.org/web/20160807131555/http://aerojetrocketdyne.com/content/history |archive-date=2016-08-07 |access-date=2016-10-03}}</ref> Aerojet Rocketdyne Holdings was acquired by L3Harris in July 2023 for $4.7 billion.<ref name="L3" /> |
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In addition to [[Aerojet Rocketdyne]], the holding company also owns the real estate firm ''Easton Development Company, LLC'' through which it owns over 12,000 acres of land near [[Sacramento, California]] originally utilized for Aerojet's operations in testing and manufacturing dating back to the 1950s, however due to the evolution of the firm and propulsion technology, about half of this land is now being redeveloped for residential and commercial use by the company.<ref>{{Cite web|url=https://aerojetrocketdyne.com/easton|title=Easton | Aerojet Rocketdyne Holdings, Inc.|website=aerojetrocketdyne.com}}</ref> |
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In July 2023, [[L3Harris]] acquired the company for $4.7 billion.<ref name="L3" /> |
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==History== |
==History== |
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===Abandoned acquisition by Lockheed Martin=== |
===Abandoned acquisition by Lockheed Martin=== |
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On December 20, 2020, it was announced that [[Lockheed Martin]] would acquire the company for $4.4 billion.<ref>{{Cite news|url=https://www.bizjournals.com/washington/news/2020/12/20/lockheed-acquires-rocket-leader-aerojet-rocketdyne.html |title=Lockheed makes a solid rocket motor splash, buying Aerojet Rocketdyne for $4.4B |access-date=2020-12-21}}</ref> The acquisition was expected to close in first quarter of 2022,<ref>{{cite news|title=Lockheed predicts Aerojet acquisition will close next quarter|url=https://news.yahoo.com/lockheed-predicts-aerojet-acquisition-close-162701482.html|agency=[[Defense News]]|via=[[Yahoo! News]]|date=2021-10-26|access-date=2021-12-22}}</ref> however this received opposition from [[Raytheon Technologies]], later the FTC sued to block this deal on a 4–0 vote in January 2022 on grounds that this would eliminate the largest independent maker of rocket motors<ref>{{cite web|url=https://www.reuters.com/article/us-aerojet-m-a-lockheed/lockheed-martin-inks-4-4-billion-deal-to-acquire-aerojet-rocketdyne-idUSKBN28U0Z7|title=Lockheed Martin inks $4.4 billion deal to acquire Aerojet Rocketdyne|first=Mike |last=Stone|date=20 December 2020|website=Reuters}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/lockheed-martin-ftc-agree-not-to-close-aerojet-rocketdyne-deal-before-jan-27-11643114368|title = FTC Sues to Block Lockheed Martin Acquisition of Aerojet Rocketdyne|newspaper = Wall Street Journal|date = 25 January 2022}}</ref> and Lockheed subsequently abandoned the deal in February 2022.<ref>{{Cite web|title=Lockheed Scraps Aerojet Deal After FTC Takes Tough Merger Stance|url=https://www.msn.com/en-us/money/companies/lockheed-scraps-aerojet-deal-after-ftc-takes-tough-merger-stance/ar-AATOdpa|first=Julie |last=Johnsson |date=2022-02-13|website=MSN|language=en-US}}</ref><ref>{{Cite news|last=Erwin|first=Sandra|date=February 17, 2021|title=Raytheon to challenge Lockheed Martin's acquisition of Aerojet Rocketdyne|work=[[Space News]]|url=https://spacenews.com/raytheon-to-challenge-lockheed-martins-acquisition-of-aerojet-rocketdyne/ |
On December 20, 2020, it was announced that [[Lockheed Martin]] would acquire the company for $4.4 billion.<ref>{{Cite news|url=https://www.bizjournals.com/washington/news/2020/12/20/lockheed-acquires-rocket-leader-aerojet-rocketdyne.html |title=Lockheed makes a solid rocket motor splash, buying Aerojet Rocketdyne for $4.4B |access-date=2020-12-21}}</ref> The acquisition was expected to close in first quarter of 2022,<ref>{{cite news|title=Lockheed predicts Aerojet acquisition will close next quarter|url=https://news.yahoo.com/lockheed-predicts-aerojet-acquisition-close-162701482.html|agency=[[Defense News]]|via=[[Yahoo! News]]|date=2021-10-26|access-date=2021-12-22}}</ref> however this received opposition from [[Raytheon Technologies]], later the FTC sued to block this deal on a 4–0 vote in January 2022 on grounds that this would eliminate the largest independent maker of rocket motors<ref>{{cite web|url=https://www.reuters.com/article/us-aerojet-m-a-lockheed/lockheed-martin-inks-4-4-billion-deal-to-acquire-aerojet-rocketdyne-idUSKBN28U0Z7|title=Lockheed Martin inks $4.4 billion deal to acquire Aerojet Rocketdyne|first=Mike |last=Stone|date=20 December 2020|website=Reuters}}</ref><ref>{{Cite news|url=https://www.wsj.com/articles/lockheed-martin-ftc-agree-not-to-close-aerojet-rocketdyne-deal-before-jan-27-11643114368|title = FTC Sues to Block Lockheed Martin Acquisition of Aerojet Rocketdyne|newspaper = Wall Street Journal|date = 25 January 2022}}</ref> and Lockheed subsequently abandoned the deal in February 2022.<ref>{{Cite web|title=Lockheed Scraps Aerojet Deal After FTC Takes Tough Merger Stance|url=https://www.msn.com/en-us/money/companies/lockheed-scraps-aerojet-deal-after-ftc-takes-tough-merger-stance/ar-AATOdpa|first=Julie |last=Johnsson |date=2022-02-13|website=MSN|language=en-US}}</ref><ref>{{Cite news|last=Erwin|first=Sandra|date=February 17, 2021|title=Raytheon to challenge Lockheed Martin's acquisition of Aerojet Rocketdyne|work=[[Space News]]|url=https://spacenews.com/raytheon-to-challenge-lockheed-martins-acquisition-of-aerojet-rocketdyne/|access-date=February 19, 2021}}</ref> |
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===Acquisition by L3Harris=== |
===Acquisition by L3Harris=== |
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In December 2022, [[L3Harris Technologies]] agreed to buy the company for $4.7 billion in cash.<ref>{{cite news |last=Gomez |first=Nathan |last2=Ghosh |first2=Kanjyik |date=December 19, 2022 |title=Defense firm L3Harris to buy Aerojet for $4.7 bln with eye on missile demand |work=Reuters |url=https://www.reuters.com/markets/deals/defense-firm-l3harris-buy-aerojet-47-bln-with-eye-missile-demand-2022-12-19/}}</ref> The acquisition was completed in July 2023.<ref name="L3">{{cite web |last=Losey |first=Stephen |date=July 28, 2023 |title=L3Harris closes purchase of Aerojet Rocketdyne |url=https://www.defensenews.com/air/2023/07/28/l3harris-closes-purchase-of-aerojet-rocketdyne/ |website=Defense News}}</ref> |
In December 2022, [[L3Harris Technologies]] agreed to buy the company for $4.7 billion in cash.<ref>{{cite news |last=Gomez |first=Nathan |last2=Ghosh |first2=Kanjyik |date=December 19, 2022 |title=Defense firm L3Harris to buy Aerojet for $4.7 bln with eye on missile demand |work=Reuters |url=https://www.reuters.com/markets/deals/defense-firm-l3harris-buy-aerojet-47-bln-with-eye-missile-demand-2022-12-19/}}</ref> The acquisition was completed in July 2023.<ref name="L3">{{cite web |last=Losey |first=Stephen |date=July 28, 2023 |title=L3Harris closes purchase of Aerojet Rocketdyne |url=https://www.defensenews.com/air/2023/07/28/l3harris-closes-purchase-of-aerojet-rocketdyne/ |website=Defense News}}</ref> L3Harris named former [[Chief technology officer|CTO]] Ross Niebergall as president of the new Aerojet Rocketdyne business segment,<ref name="day1" /> which would now be headquartered in [[Palm Bay, Florida]].<ref name="palmbay">{{cite news |last1=Berman |first1=Dave |title=L3Harris completes $4.7B deal for rocket-engine maker Aerojet, which will based in Palm Bay |url=https://www.floridatoday.com/story/money/business/2023/07/31/l3harris-buys-aerojet-rocketdyne-will-base-sector-in-palm-bay/70496477007/ |access-date=1 August 2023 |work=Florida Today}}</ref> |
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==Products== |
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[[File:Pratt Whitney Rocketdyne space shuttle main engines.jpg|thumb|[[RS-25]] engines]] |
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===Current engines=== |
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* [[RS-25]] ([[LH2]]/[[LOX]]) – Previously known as the Space Shuttle main engine (SSME), it was the reusable main engine developed by [[Rocketdyne]] for the now-retired [[Space Shuttle]]. Remaining RS-25D engines are planned for use on early [[Space Launch System]] rocket launches after which an expendable version, RS-25E will be developed for follow-on SLS launches. |
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* [[RL10]] (LH2/LOX) – Developed by [[Pratt & Whitney]] and currently used on both the [[Delta Cryogenic Second Stage|upper stage]] of the [[Delta IV]] rocket as well as the [[Centaur (rocket stage)|Centaur]] upper stage for the [[Atlas V]]. It is also currently used on the Space Launch System on the [[Delta Cryogenic Second Stage|Interim Cyrogenic Propulsion Stage]] (ICPS) and will be used on the [[Exploration Upper Stage]] (EUS) in the future. Formerly used on the Centaur upper stage for [[Titan (rocket family)|Titan]], the [[Saturn I]], and on the vertical-landing [[McDonnell Douglas DC-X]] "Delta Clipper". It was intended to serve as the main propulsion engine for the proposed [[Altair (spacecraft)|Altair]] lunar lander. |
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* [[RS-68]] (LH2/LOX) – First stage engine for the Delta IV, designed as a simplified version of the RS-25 due to its expendable usage. It is the largest hydrogen-fueled rocket engine ever flown. |
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* MR103G — 0.2 lb [[Hydrazine]] [[monopropellant]] thruster |
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* MR111g — 1 lb Hydrazine monopropellant thruster |
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* MR106L — 5-7 lb Hydrazine monopropellant thruster |
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* MR107M — 45 lb Hydrazine monopropellant thruster |
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* Blue Origin CCE ([[solid rocket motor]] or SRM) — the [[Blue Origin]] [[New Shepard]] Crew Capsule Escape Solid Rocket Motor is built by Aerojet Rocketdyne.<ref name=SpaceRef-2016-10-06>{{cite news |url= http://www.spaceref.com/news/viewpr.html?pid=49635 |title= Aerojet Rocketdyne Motor Plays Key Role in Successful Blue Origin In-Flight Crew Escape Test |date= 6 October 2016 |publisher= SpaceRef.com}}</ref> |
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===Former production engines and others=== |
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[[File:S-IC engines and Von Braun.jpg|thumb|upright|right|[[Rocketdyne F-1]] engines on the [[Apollo program|Apollo Space Program's ]][[Saturn V]] first stage]] |
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* [[Rocketdyne F-1]] (RP-1/LOX) The main engine of the [[Saturn V]] rocket of the [[Apollo program|Apollo Space Program]]. The most powerful single combustion chamber liquid-propellant rocket engine ever developed.<ref>W. David Woods, ''How Apollo Flew to the Moon'', Springer, 2008, {{ISBN|978-0-387-71675-6}}, p. 19</ref> |
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* [[Rocketdyne J-2]] (LH2/LOX) Used on upper stage of [[Saturn IB]] and second and upper stages of [[Saturn V]]. |
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* [[SJ61]] ([[JP-7]]/ingested air) A dual-mode [[ramjet]]/[[scramjet]] engine flown on the [[Boeing X-51]] hypersonic demonstration vehicle. |
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* [[AJ10]] ([[Aerozine 50]]/[[N2O4|N<sub>2</sub>O<sub>4</sub>]]) Second stage engine for the [[Delta II]], used as the [[Space Shuttle Orbital Maneuvering System|Orbital Maneuvering System]] (OMS) engine for the Space Shuttle, and the main engine for the European [[Orion Service Module]]. |
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* [[AR1 (rocket engine)|AR1]] (RP-1/LOX) A proposed {{convert|500000|lbf|kN|adj=mid|-class}} thrust [[RP-1]]/[[LOX]] oxidizer-rich [[staged combustion cycle]] engine.<ref>{{cite web |url=http://www.rocket.com/ar1-booster-engine |title=AR1 Booster Engine |publisher=Aerojet Rocketdyne |access-date=April 14, 2017 |archive-url=https://web.archive.org/web/20160304012636/http://www.rocket.com/ar1-booster-engine |archive-date=March 4, 2016 |url-status=dead |df=mdy-all }}</ref> |
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* [[Rocketdyne H-1]] (RP-1/LOX) A first stage engine flown on the [[Saturn I]] and [[Saturn IB]] launch vehicles. |
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* [[RS-27]] (RP-1/LOX) A first stage engine flown on the [[Delta 2000]] launch vehicle |
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* [[RS-27A]] (RP-1/LOX) A first stage engine flown on the [[Delta II]] and [[Delta III]] |
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*[[J-2X]] (LH2/LOX) An engine that was originally being developed for the [[Ares I]]'s upper stage before the cancellation of the [[Constellation program]]. The engine was considered for the [[Space Launch System]]'s Exploration Upper Stage before being replaced with a cluster of four RL10s. It is based on the [[Rocketdyne J-2]]. |
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* Baby Bantam ([[RP-1|kerosene]]/[[LOX]]) An {{convert|5000|lbf|kN|abbr=on|disp=flip|lk=on}} thrust engine.<ref name="3dp20140626"> |
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{{cite news|date=2014-06-26|title=Aerojet Rocketdyne 3D Prints An Entire Engine in Just Three Parts|publisher=3dprint.com|url=http://3dprint.com/7355/3d-printed-engine/|access-date=2014-08-08}}</ref> In June 2014, Aerojet Rocketdyne announced that they had "manufactured and successfully tested an engine which had been entirely [[3D-printed spacecraft|3D printed]]." |
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* [[AJ-26]] ([[RP-1]]/LOX) Rebranded and modified [[NK-33]] engines imported from [[Russia]]. Used as first stage engine for the [[Antares (rocket)|Antares]] before being replaced by the [[RD-181]]. |
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* [[AJ-60A]] (Solid - [[Hydroxyl-terminated polybutadiene|HTPB]]) A solid rocket motor formerly used for the Atlas V launch vehicle, until being replaced by the Northrop Grumman [[GEM 63|GEM-63]] in 2021 <ref>{{Cite web|last=Clark|first=Stephen|title=Atlas 5 rocket launches infrared missile detection satellite for U.S. Space Force – Spaceflight Now|url=https://spaceflightnow.com/2021/05/18/atlas-5-rocket-launches-infrared-missile-detection-satellite-for-u-s-space-force/|access-date=2021-05-21|language=en-US}}</ref> |
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*AR-22 (Hydrogen/LOX) An engine in development from 2017-2020 for the [[XS-1 (spacecraft)|XS-1]] spacecraft, also known as the Phantom Express. The engine is based on the [[RS-25]] and utilizing parts remaining in Aerojet Rocketdyne and NASA inventories from earlier versions of the RS-25. Two of the engines would have been built for the spaceplane.<ref>{{Cite web|date=24 May 2017|title=Aerojet Rocketdyne Selected As Main Propulsion Provider for Boeing and DARPA Experimental Spaceplane|url=http://www.rocket.com/article/aerojet-rocketdyne-selected-main-propulsion-provider-boeing-and-darpa-experimental|url-status=dead|archive-url=https://web.archive.org/web/20170530103911/http://www.rocket.com/article/aerojet-rocketdyne-selected-main-propulsion-provider-boeing-and-darpa-experimental|archive-date=30 May 2017|access-date=24 May 2017}}</ref> Boeing pulled out of the project in January 2020, effectively ending it.<ref>{{Cite web|date=20 January 2020|url=https://news.yahoo.com/farewell-phantom-express-boeing-pulling-212831771.html|access-date=1 June 2020|title=Farewell, Phantom Express: Boeing is pulling out of DARPA space plane program}}</ref> |
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===In development=== |
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====X3 Ion Thruster==== |
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On 13 October 2017, it was reported that Aerojet Rocketdyne completed a keystone demonstration on a new X3 [[ion thruster]], which is a central part of the XR-100 system for the [[Next Space Technologies for Exploration Partnerships|NextSTEP]] program.<ref name="X3 tests 2017">{{cite news |last=Pultarova |first=Tereza |url=https://www.space.com/38444-mars-thruster-design-breaks-records.html |title=Ion Thruster Prototype Breaks Records in Tests, Could Send Humans to Mars |work=Space |date=13 October 2017 |access-date=2017-10-13 }}</ref><ref name="Phys 2016">{{cite news |last=Mcalpine |first=Katherine |url=https://phys.org/news/2016-02-hall-thruster-contender-humans-mars.html |title=Hall thruster a serious contender to get humans to Mars |work=PhysOrg |date=19 February 2016 |access-date=2017-10-13 }}</ref> The X3 ion thruster was designed by the [[University of Michigan]]<ref>[http://www.pepl.engin.umich.edu/thrusters/X3.html PEPL Thrusters: X3] University of Michigan. 2017.</ref> and is being developed in partnership with the University of Michigan, NASA, and the Air Force. The X3 is a [[Hall-effect thruster]] operating at over 100 kW of power. During the demonstration, it broke records for the maximum power output, thrust and operating current achieved by a Hall thruster to date.<ref name="X3 tests 2017"/> It operated at a range of power from 5 kW to 102 kW, with electric current of up to 260 amperes. It generated 5.4 Newtons of thrust, "which is the highest level of thrust achieved by any plasma thruster to date."<ref name="X3 tests 2017"/><ref name="Wall RocketDyne">{{cite news |last=Wall |first=Mike |url=https://www.space.com/32692-solar-electric-propulsion-asteroid-mars.html |title=Next-Gen Propulsion System Gets $67 Million from NASA |work=Space |date=26 April 2016 |access-date=2017-10-13 }}</ref> A novelty in its design is that it incorporates three [[Plasma (physics)|plasma]] channels, each a few centimeters deep, nested around one another in concentric rings.<ref name="Phys 2016"/> The system is {{convert|227|kg|lb|abbr=on}} and almost one meter in diameter.<ref name="X3 tests 2017"/> |
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=== Other notable products === |
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==== Multi-mission Radioisotope Thermoelectric Generator ==== |
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Aerojet Rocketdyne is the prime contractor to the [[United States Department of Energy|US Department of Energy]] for the [[Multi-mission radioisotope thermoelectric generator|Multi-mission Radioisotope Thermoelectric Generator]]. The first flight MMRTG is currently powering the Mars [[Curiosity (rover)|Curiosity Rover]], and a second flight unit powers the [[Mars 2020|Perseverance Rover]].{{Citation needed|date=March 2022}} |
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== Controversies == |
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==Pension and bond problems== |
===Pension and bond problems=== |
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GenCorp withdrew its over-funded pension during the real estate boom years of 2006 and 2007. The real estate bust caused an underfunding of the pension plan of over $300 million. This caused a freeze of its pension plan on February 1, 2009, and an end to 401k match on January 15, 2009. The move was expected to save the company 29 million a year.<ref>{{Cite web |url=http://www.ranchocordovapost.com/2008/12/18/gencorp-freezes-pension-plan/ |title=GenCorp Freezes Pension Plan | the Rancho Cordova Post |access-date=2010-02-25 |archive-url=https://web.archive.org/web/20110106144435/http://www.ranchocordovapost.com/2008/12/18/gencorp-freezes-pension-plan/ |archive-date=2011-01-06 |url-status=dead }}</ref> |
GenCorp withdrew its over-funded pension during the real estate boom years of 2006 and 2007. The real estate bust caused an underfunding of the pension plan of over $300 million. This caused a freeze of its pension plan on February 1, 2009, and an end to 401k match on January 15, 2009. The move was expected to save the company 29 million a year.<ref>{{Cite web |url=http://www.ranchocordovapost.com/2008/12/18/gencorp-freezes-pension-plan/ |title=GenCorp Freezes Pension Plan | the Rancho Cordova Post |access-date=2010-02-25 |archive-url=https://web.archive.org/web/20110106144435/http://www.ranchocordovapost.com/2008/12/18/gencorp-freezes-pension-plan/ |archive-date=2011-01-06 |url-status=dead }}</ref> |
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Secretary." |
Secretary." |
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==Nuclear controversy== |
===Nuclear controversy=== |
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In 2008, the [[Government Pension Fund of Norway]] withdrew its investments in GenCorp due to production of nuclear weapons.<ref>[https://www.regjeringen.no/en/aktuelt/One-producer-of-cluster-munitions-and-tw/id496485] One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund - Global</ref> As of 2015, there has been no change to this status. |
In 2008, the [[Government Pension Fund of Norway]] withdrew its investments in GenCorp due to production of nuclear weapons.<ref>[https://www.regjeringen.no/en/aktuelt/One-producer-of-cluster-munitions-and-tw/id496485] One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund - Global</ref> As of 2015, there has been no change to this status. |
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==See also== |
==See also== |
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* [[List of S&P 600 companies]] |
* [[List of S&P 600 companies]] |
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{{Portal bar|Companies|Rocketry}} |
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==References== |
==References== |
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| reuters = AJRD.N |
| reuters = AJRD.N |
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}} |
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* {{official website|https:// |
* {{official website|https://www.l3harris.com/company/aerojet-rocketdyne}} |
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{{Aerojet Rocketdyne Holdings}} |
{{Aerojet Rocketdyne Holdings}} |
Revision as of 02:57, 1 August 2023
File:Aerojet Rocketdyne Holdings logo.svg | |
![]() | |
Company type | Subsidiary |
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Industry | Aerospace, Defense, Real Estate |
Predecessors | |
Founded | 1915Akron, Ohio, U.S. | in
Founder | William F. O'Neil |
Headquarters | , |
Area served | Nationwide |
Key people | Ross Niebergall (Segment President) |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 5,283 (2022) |
Parent | L3Harris |
Website | www |
Footnotes / references [1] |
Aerojet Rocketdyne is subsidiary of American defense company L3Harris Technologies that manufactures rocket, hypersonic, and electric propulsive systems for space, defense, civil and commercial applications.[2][3][4] Aerojet traces its origins to the General Tire and Rubber Company established in 1915, while Rocketdyne was created as a division of North American Aviation in 1955.[5][6] Aerojet Rocketdyne was formed in 2013 when Aerojet (then owned by GenCorp) and Pratt & Whitney Rocketdyne were merged, following the latter's acquisition by GenCorp from Pratt & Whitney.[7][8] On April 27, 2015, the name of the holding company, GenCorp, was changed from GenCorp, Inc. to Aerojet Rocketdyne Holdings, Inc.[9] Aerojet Rocketdyne Holdings was acquired by L3Harris in July 2023 for $4.7 billion.[10]
History
Background: Aerojet
Several decades after it began manufacturing rubber products, General Tire & Rubber diversified into broadcasting and aeronautics.
In the 1940s, the Aerojet company began experimenting with various rocket designs. For a solid-fuel rocket, they needed binders, and turned to General Tire & Rubber for assistance. General became a partner in the company.
Radio broadcasting began with the purchase of several radio networks starting in 1943. In 1952, its purchase of WOR-TV expanded the broadcast business into television. In 1953, General Tire & Rubber bought the RKO Radio Pictures movie studio.[11] All of its media and entertainment holdings were organized into the RKO General division.
Due to the studio and rocket businesses, General Tire & Rubber came to own a great deal of property in California. Its internal facilities management unit began commercializing its operations, landing General Tire & Rubber in the real estate business. This started when Aerojet-General Corporation acquired approximately 12,600 acres (51 km2) of land in Eastern Sacramento County. Aerojet converted these former gold fields into one of the premier rocket manufacturing and testing facilities in the Western world. However, most of this land was used to provide safe buffer zones for Aerojet's testing and manufacturing operations. Later, as the need for these facilities and safety zones decreased, the property became available for other uses. Located 15 miles (24 km) northeast of Sacramento along U.S. Highway 50, the properties were valuable, being in a key growth corridor in the region. Approximately 6,000 acres (24 km2) of the Aerojet lands are now being planned as a community called Easton. Easton Development Company LLC was formed to assist in the process.[12]
Background: Rocketdyne
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/16/S-IC_engines_and_Von_Braun.jpg/170px-S-IC_engines_and_Von_Braun.jpg)
In 1955, North American Aviation spun off Rocketdyne, a developer of rocket motors that built upon research conducted into the German V-2 Rocket after World War II. Rocketdyne would become a major supplier for NASA, producing the Rocketdyne F-1 engine for the Saturn V rocket of the Apollo Space Program as well as the RS-25 engine of the Space Shuttle program and its successor the Space Launch System (SLS) program. Together, Aerojet Rocketdyne has gone on to contribute to every successful NASA Mars mission, including powering the launch, entry, descent, and landing phases of the Perseverance rover mission.[13]
Name change
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/fe/GenCorp_wordmark.svg/220px-GenCorp_wordmark.svg.png)
In 1984, General Tire created a parent holding company, GenCorp, Inc., for its various business ventures.
The main subsidiaries were:
- General Tire and Rubber.
- RKO General, the broadcast arm of the conglomerate;
- DiversiTech General, a manufacturer of tennis balls and polymer products, including automotive soundproofing and home wallpapers.
- Aerojet General, a defense (missile) contractor.
Through its RKO General subsidiary, the company also held stakes in:
- Frontier Airlines.
- RKO bottlers, which operated Pepsi-Cola distributorships; and several resorts and hotels, including the Westward Look resort in Tucson, Arizona.
Disconglomeration
Faced with a hostile takeover attempt, among other difficulties, GenCorp shed some of its long-held units in the late 1980s.
RKO General ran into difficulties with the Federal Communications Commission (FCC) during license renewal proceedings in the late 1980s. The FCC was reluctant to renew the broadcast licenses, due to widespread lying to advertisers and regulators. As a result of the protracted proceedings, GenCorp sold RKO General's broadcast properties beginning in 1987.
GenCorp also sold its former flagship, General Tire, to German tire manufacturer Continental AG in order to concentrate on Aerojet.
In 1999, GenCorp spun off its Decorative & Building Products and Performance Chemicals businesses. GenCorp formed OMNOVA Solutions Inc. into a separate, publicly traded company, and transferred those businesses into it.
GenCorp's two remaining businesses, as of 2008, are Aerojet and real estate.[14]
Aeronautics expansion
In July 2012, GenCorp agreed to buy rocket engine producer Pratt & Whitney Rocketdyne from United Technologies Corporation for $550 million.[15][16][17] The FTC approved the deal on June 10, 2013, and it closed on June 17.[18] [19][20][21]
Abandoned acquisition by Lockheed Martin
On December 20, 2020, it was announced that Lockheed Martin would acquire the company for $4.4 billion.[22] The acquisition was expected to close in first quarter of 2022,[23] however this received opposition from Raytheon Technologies, later the FTC sued to block this deal on a 4–0 vote in January 2022 on grounds that this would eliminate the largest independent maker of rocket motors[24][25] and Lockheed subsequently abandoned the deal in February 2022.[26][27]
Acquisition by L3Harris
In December 2022, L3Harris Technologies agreed to buy the company for $4.7 billion in cash.[28] The acquisition was completed in July 2023.[10] L3Harris named former CTO Ross Niebergall as president of the new Aerojet Rocketdyne business segment,[4] which would now be headquartered in Palm Bay, Florida.[29]
Products
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/b0/Pratt_Whitney_Rocketdyne_space_shuttle_main_engines.jpg/220px-Pratt_Whitney_Rocketdyne_space_shuttle_main_engines.jpg)
Current engines
- RS-25 (LH2/LOX) – Previously known as the Space Shuttle main engine (SSME), it was the reusable main engine developed by Rocketdyne for the now-retired Space Shuttle. Remaining RS-25D engines are planned for use on early Space Launch System rocket launches after which an expendable version, RS-25E will be developed for follow-on SLS launches.
- RL10 (LH2/LOX) – Developed by Pratt & Whitney and currently used on both the upper stage of the Delta IV rocket as well as the Centaur upper stage for the Atlas V. It is also currently used on the Space Launch System on the Interim Cyrogenic Propulsion Stage (ICPS) and will be used on the Exploration Upper Stage (EUS) in the future. Formerly used on the Centaur upper stage for Titan, the Saturn I, and on the vertical-landing McDonnell Douglas DC-X "Delta Clipper". It was intended to serve as the main propulsion engine for the proposed Altair lunar lander.
- RS-68 (LH2/LOX) – First stage engine for the Delta IV, designed as a simplified version of the RS-25 due to its expendable usage. It is the largest hydrogen-fueled rocket engine ever flown.
- MR103G — 0.2 lb Hydrazine monopropellant thruster
- MR111g — 1 lb Hydrazine monopropellant thruster
- MR106L — 5-7 lb Hydrazine monopropellant thruster
- MR107M — 45 lb Hydrazine monopropellant thruster
- Blue Origin CCE (solid rocket motor or SRM) — the Blue Origin New Shepard Crew Capsule Escape Solid Rocket Motor is built by Aerojet Rocketdyne.[30]
Former production engines and others
![](http://upload.wikimedia.org/wikipedia/commons/thumb/1/16/S-IC_engines_and_Von_Braun.jpg/170px-S-IC_engines_and_Von_Braun.jpg)
- Rocketdyne F-1 (RP-1/LOX) The main engine of the Saturn V rocket of the Apollo Space Program. The most powerful single combustion chamber liquid-propellant rocket engine ever developed.[31]
- Rocketdyne J-2 (LH2/LOX) Used on upper stage of Saturn IB and second and upper stages of Saturn V.
- SJ61 (JP-7/ingested air) A dual-mode ramjet/scramjet engine flown on the Boeing X-51 hypersonic demonstration vehicle.
- AJ10 (Aerozine 50/N2O4) Second stage engine for the Delta II, used as the Orbital Maneuvering System (OMS) engine for the Space Shuttle, and the main engine for the European Orion Service Module.
- AR1 (RP-1/LOX) A proposed 500,000-pound-force-class (2,200 kN) thrust RP-1/LOX oxidizer-rich staged combustion cycle engine.[32]
- Rocketdyne H-1 (RP-1/LOX) A first stage engine flown on the Saturn I and Saturn IB launch vehicles.
- RS-27 (RP-1/LOX) A first stage engine flown on the Delta 2000 launch vehicle
- RS-27A (RP-1/LOX) A first stage engine flown on the Delta II and Delta III
- J-2X (LH2/LOX) An engine that was originally being developed for the Ares I's upper stage before the cancellation of the Constellation program. The engine was considered for the Space Launch System's Exploration Upper Stage before being replaced with a cluster of four RL10s. It is based on the Rocketdyne J-2.
- Baby Bantam (kerosene/LOX) An 22 kN (5,000 lbf) thrust engine.[33] In June 2014, Aerojet Rocketdyne announced that they had "manufactured and successfully tested an engine which had been entirely 3D printed."
- AJ-26 (RP-1/LOX) Rebranded and modified NK-33 engines imported from Russia. Used as first stage engine for the Antares before being replaced by the RD-181.
- AJ-60A (Solid - HTPB) A solid rocket motor formerly used for the Atlas V launch vehicle, until being replaced by the Northrop Grumman GEM-63 in 2021 [34]
- AR-22 (Hydrogen/LOX) An engine in development from 2017-2020 for the XS-1 spacecraft, also known as the Phantom Express. The engine is based on the RS-25 and utilizing parts remaining in Aerojet Rocketdyne and NASA inventories from earlier versions of the RS-25. Two of the engines would have been built for the spaceplane.[35] Boeing pulled out of the project in January 2020, effectively ending it.[36]
In development
X3 Ion Thruster
On 13 October 2017, it was reported that Aerojet Rocketdyne completed a keystone demonstration on a new X3 ion thruster, which is a central part of the XR-100 system for the NextSTEP program.[37][38] The X3 ion thruster was designed by the University of Michigan[39] and is being developed in partnership with the University of Michigan, NASA, and the Air Force. The X3 is a Hall-effect thruster operating at over 100 kW of power. During the demonstration, it broke records for the maximum power output, thrust and operating current achieved by a Hall thruster to date.[37] It operated at a range of power from 5 kW to 102 kW, with electric current of up to 260 amperes. It generated 5.4 Newtons of thrust, "which is the highest level of thrust achieved by any plasma thruster to date."[37][40] A novelty in its design is that it incorporates three plasma channels, each a few centimeters deep, nested around one another in concentric rings.[38] The system is 227 kg (500 lb) and almost one meter in diameter.[37]
Other notable products
Multi-mission Radioisotope Thermoelectric Generator
Aerojet Rocketdyne is the prime contractor to the US Department of Energy for the Multi-mission Radioisotope Thermoelectric Generator. The first flight MMRTG is currently powering the Mars Curiosity Rover, and a second flight unit powers the Perseverance Rover.[citation needed]
Controversies
Pension and bond problems
GenCorp withdrew its over-funded pension during the real estate boom years of 2006 and 2007. The real estate bust caused an underfunding of the pension plan of over $300 million. This caused a freeze of its pension plan on February 1, 2009, and an end to 401k match on January 15, 2009. The move was expected to save the company 29 million a year.[41]
The under-funded pension gave the company a negative net worth of -6.88 per share as of November 30, 2009.
GenCorp also is holding $142.80 million in 4% bonds due in 2010 and $147.70 million in bonds due in 2011 that the company expects to have to repurchase, as of the 2008 Annual Report. "In December 2009, the Company issued $200.0 million in aggregate principal amount of 4.0625% convertible subordinated debentures ("4 1/16% Debentures") in a private placement to qualified institutional buyers under the Securities Act of 1933. Issuance of the 4 1/16% Debentures generated net proceeds of approximately $195.0 million, a portion of which were used to repurchase $124.7 million of the 4% Notes in January 2010. The remaining proceeds will be used to redeem a portion of the 9½% senior subordinated notes ("9½% Notes"); pay accrued interest on the 4% Notes and 9½% Notes; and pay other debt issuance costs."[42]
In March 2010, GenCorp amended a $280 million revolving line of credit.[43]
GenCorp's former CEO J. Scott Neish resigned on January 6, 2010. He had been interim CEO from March 2008 (Terry J Hall resigned) head of the Aerojet division since November 2005. The new CEO was placed in as permanent and J. Scott Neish elected to resign from Aerojet. Scott Seymour had been the head of Northrop Grumman Integrated Systems from 2002 to 2008.[44]
GenCorp since 2008 has had significant changes in its Board of Directors and Corporate Officers, per the 2008 Annual Report:
"On March 5, 2008, Terry L. Hall resigned as a Director and as our Chief Executive Officer and President and our Board appointed three new Directors. The Board appointed J. Scott Neish, our Vice President and President of Aerojet, to serve as our interim Chief Executive Officer and President, pending the results of a search to identify qualified candidates to fill this position on a permanent basis. On May 15, 2008, Timothy A.Wicks, Chairman of the Board, Todd R. Snyder and Sheila E. Widnall resigned as Directors of the Company. Our Board of Directors appointed James H. Perry and Thomas A. Corcoran as new Directors on May 16, 2008, and September 25, 2008, respectively. On September 29, 2008, Yasmin R. Seyal, our former Senior Vice President and Chief Financial Officer, and R. Leon Blackburn, our former Vice President, Controller left the Company and our Board appointed Kathleen E. Redd, Vice President, Finance of Aerojet, to serve as our Vice President, Chief Financial Officer and Secretary."
Nuclear controversy
In 2008, the Government Pension Fund of Norway withdrew its investments in GenCorp due to production of nuclear weapons.[45] As of 2015, there has been no change to this status.
See also
References
- ^ "Aerojet Rocketdyne Holdings 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 15 February 2023.
- ^ "About Us | Aerojet Rocketdyne Holdings, Inc".
- ^ "Hypersonics | Aerojet Rocketdyne". www.rocket.com.
- ^ a b Weisgerber, Marcus (28 July 2023). "On Day 1 of ownership, L3Harris pledges to invest in Aerojet Rocketdyne". Defense One. Retrieved 1 August 2023.
- ^ Aerojet Rocketdyne Holdings, Inc. (21 April 2015). "GenCorp Announces Effective Date for Name and Stock Ticker Symbol Change". GlobeNewswire News Room (Press release).
- ^ "Rocketdyne | American company | Britannica".
- ^ "Two engine rivals merge into Aerojet Rocketdyne". Spaceflight Now. 18 June 2013. Retrieved 22 June 2013.
- ^ Roop, Lee (June 17, 2013). "Here's how Aerojet Rocketdyne might bring 5,000 new aerospace engineering jobs to Huntsville". www.al.com. Alabama Media Group. Retrieved 2016-10-03.
- ^ "History". Aerojet Rocketdyne Holdings, Inc. Archived from the original on 2016-08-07. Retrieved 2016-10-03.
- ^ a b Losey, Stephen (July 28, 2023). "L3Harris closes purchase of Aerojet Rocketdyne". Defense News.
- ^ "R. K. O. STUDIO SOLD TO GENERAL TIRE; Hughes Stock Acquired for $25,000,000 in Cash -- Use as TV Film Center Hinted General Tire Buys R.K.O. Studio From Hughes for 25 Million Cash". The New York Times. Associated Press. 1955-07-19. ISSN 0362-4331. Retrieved 2020-01-28.
- ^ "Easton Plan Home". Archived from the original on March 18, 2009.
- ^ "NASA Perseverance's Mission to Mars Propelled by Aerojet Rocketdyne | Aerojet Rocketdyne".
- ^ "Home - Aerojet Rocketdyne Holdings, Inc". www.aerojetrocketdyne.com.
- ^ Los Angeles Times; "Rocketdyne sold to GenCorp" . accessed 12.12.2012
- ^ "GenCorp to buy rocket manufacturer Rocketdyne". Flightglobal. Retrieved 23 July 2012.
- ^ "Who's Where", Aviation Week & Space Technology, January 1, 2007
- ^ "Home - The Fly". thefly.com.
- ^ "Pratt & Whitney Rocketdyne Cuts 100 Jobs - SpaceRef Business". spaceref.biz.
- ^ "U.S. clears GenCorp, Rocketdyne deal after Defense Department request". Reuters. Washington, DC. June 10, 2013. Retrieved October 7, 2013.
- ^ "GenCorp Closes Rocketdyne Buy". Yahoo! Finance. Zacks Equity Research. June 17, 2013.
- ^ "Lockheed makes a solid rocket motor splash, buying Aerojet Rocketdyne for $4.4B". Retrieved 2020-12-21.
- ^ "Lockheed predicts Aerojet acquisition will close next quarter". Defense News. 2021-10-26. Retrieved 2021-12-22 – via Yahoo! News.
- ^ Stone, Mike (20 December 2020). "Lockheed Martin inks $4.4 billion deal to acquire Aerojet Rocketdyne". Reuters.
- ^ "FTC Sues to Block Lockheed Martin Acquisition of Aerojet Rocketdyne". Wall Street Journal. 25 January 2022.
- ^ Johnsson, Julie (2022-02-13). "Lockheed Scraps Aerojet Deal After FTC Takes Tough Merger Stance". MSN.
- ^ Erwin, Sandra (February 17, 2021). "Raytheon to challenge Lockheed Martin's acquisition of Aerojet Rocketdyne". Space News. Retrieved February 19, 2021.
- ^ Gomez, Nathan; Ghosh, Kanjyik (December 19, 2022). "Defense firm L3Harris to buy Aerojet for $4.7 bln with eye on missile demand". Reuters.
- ^ Berman, Dave. "L3Harris completes $4.7B deal for rocket-engine maker Aerojet, which will based in Palm Bay". Florida Today. Retrieved 1 August 2023.
- ^ "Aerojet Rocketdyne Motor Plays Key Role in Successful Blue Origin In-Flight Crew Escape Test". SpaceRef.com. 6 October 2016.
- ^ W. David Woods, How Apollo Flew to the Moon, Springer, 2008, ISBN 978-0-387-71675-6, p. 19
- ^ "AR1 Booster Engine". Aerojet Rocketdyne. Archived from the original on March 4, 2016. Retrieved April 14, 2017.
- ^ "Aerojet Rocketdyne 3D Prints An Entire Engine in Just Three Parts". 3dprint.com. 2014-06-26. Retrieved 2014-08-08.
- ^ Clark, Stephen. "Atlas 5 rocket launches infrared missile detection satellite for U.S. Space Force – Spaceflight Now". Retrieved 2021-05-21.
- ^ "Aerojet Rocketdyne Selected As Main Propulsion Provider for Boeing and DARPA Experimental Spaceplane". 24 May 2017. Archived from the original on 30 May 2017. Retrieved 24 May 2017.
- ^ "Farewell, Phantom Express: Boeing is pulling out of DARPA space plane program". 20 January 2020. Retrieved 1 June 2020.
- ^ a b c d Pultarova, Tereza (13 October 2017). "Ion Thruster Prototype Breaks Records in Tests, Could Send Humans to Mars". Space. Retrieved 2017-10-13.
- ^ a b Mcalpine, Katherine (19 February 2016). "Hall thruster a serious contender to get humans to Mars". PhysOrg. Retrieved 2017-10-13.
- ^ PEPL Thrusters: X3 University of Michigan. 2017.
- ^ Wall, Mike (26 April 2016). "Next-Gen Propulsion System Gets $67 Million from NASA". Space. Retrieved 2017-10-13.
- ^ "GenCorp Freezes Pension Plan | the Rancho Cordova Post". Archived from the original on 2011-01-06. Retrieved 2010-02-25.
- ^ [1] Corporate News Article
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- ^ "Northrop Veteran Takes Helm of Gencorp, Aerojet | SpaceNews.com". www.spacenews.com. Archived from the original on 3 February 2013. Retrieved 26 January 2022.
- ^ [2] One producer of cluster munitions and two producers of nuclear weapons excluded from the Government Pension Fund - Global
External links
- Historical business data for Aerojet Rocketdyne:
- SEC filings
- Official website
- Aerojet aircraft
- Aerojet Rocketdyne Holdings
- Rocketdyne
- Holding companies of the United States
- Manufacturing companies based in Greater Los Angeles
- Technology companies based in Greater Los Angeles
- Companies based in El Segundo, California
- American companies established in 1915
- Technology companies established in 1915
- 1915 establishments in Ohio
- Companies formerly listed on the New York Stock Exchange
- Aerospace companies of the United States
- 2023 mergers and acquisitions