Aerojet Rocketdyne Holdings (NYSE: AJRD) has agreed to acquire L3 Technologies‘ (NYSE: LLL) Coleman Aerospace business for $15 million cash in a push to expand the former’s systems engineering and mission analysis expertise.
Coleman Aerospace will be renamed “Aerojet Rocketdyne Coleman Aerospace Inc.” upon closure of the deal and is forecast to generate nearly $40 million in 2017 revenue, Aerojet Rocketdyne said Wednesday.
“The addition of Coleman’s vehicle integration expertise supports our growth strategy for offering an expanded range of products and services to the defense and space markets,” said Eileen Drake, president and CEO of Aerojet Rocketdyne Holdings.
Orlando, Florida-based Coleman Aerospace manufactures suborbital launch vehicles, launch services and payloads for customers that include the Missile Defense Agency and the Air Force Research Laboratory.
The business will lease the new Space Coast Integration & Test facility in Cape Canaveral that is scheduled to officially open Friday, Aerojet Rocketdyne said.