GenCorp Buys Canoga Park Rocket Engine Maker Rocketdyne
July 23, 2012
Canoga Park rocket engine maker Pratt & Whitney Rocketdyne has been sold for $550 million to Sacramento-based aerospace and technology firm GenCorp Inc.
The sale had been expected. In March, Rocketdyne's parent company, United Technologies Corp., announced it was selling Rocketdyne to help finance last year's $16.5-billion purchase of aerospace supplier Goodrich Corp.
GenCorp. said the purchase price of $550 million, which is subject to adjustment, is expected to be financed with a combination of cash on hand and issuance of debt. The acquisition still has to clear regulatory approvals before being finalized. The sale is slated to close in the first half of 2013.
The sale of Rocketdyne to GenCorp marks the combination of two iconic rocket companies -- and long-time competitors. GenCorp also owns Aerojet, the Sacramento-based aerospace firm founded in 1942.