WASHINGTON (dpa-AFX) - AE Industrial Partners, LP, a private investment firm focused on technologies and services critical to aerospace, national and economic security, Monday announced that it has acquired a controlling stake in the Space Propulsion and Power Systems business or Rocketdyne of L3Harris Technologies (LHX).
The financial details of the transaction have not been divulged.
L3Harris will retain a minor investment interest in the Space Propulsion and Power Systems business.
AE Industrial plans to use the name Rocketdyne for the acquired business. The acquisition encompasses business units across five locations in the U.S., which develop the upper-stage rocket engines used in national security, civil and commercial missions, as well as in-space propulsion, nuclear power and avionics assets.
The partnership between AE Industrial and L3Harris will also aim to help accelerate the development of future propulsion technologies, including nuclear propulsion, which will be critical to the exploration of Mars and the cislunar domain. Maintaining American dominance in space depends on leveraging top engineering talent to ensure the U.S. retains the strategic high ground through superior speed and maneuverability, the company said in a statement.
In pre-market activity, LHX shares were trading at $306.50, up 0.66% on the New York Stock Exchange.
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