Alexyz3d
Lockheed Martin (NYSE:LMT) told the U.S. Department of Defense and the Federal Trade Commission that L3Harris Technologies’ (NYSE:LHX) planned acquisition of Aerojet Rocketdyne (NYSE:AJRD) has raised concerns about unfair competition, Reuters reported Tuesday.
Frank St. John, COO of Lockheed Martin (LMT), said the defense contractor asked L3Harris (LHX) to provide guarantees on access to rocket motors, fair prices and intellectual-property protections. It received “little response” from L3Harris (LHX), St. John told Reuters at the Paris Air Show.
Without a response from L3Harris (LHX), Lockheed Martin (LMT) wants the Defense Department or FTC to implement a way to get access to technology, the COO said.
L3Harris (LHX) in December announced a plan to buy Aerojet (AJRD) for $4.7 billion in cash amid rising demand for missiles with the war in Ukraine. Lockheed Martin (LMT) had tried to acquire Aerojet (AJRD) for $4.4 billion, but withdrew the offer after the FTC filed suit. Officials were concerned that the acquisition would hinder competition.
Raytheon Technology (NYSE:RTX) had opposed Lockheed Martin's (LMT) planned takeover of Aerojet (AJRD), but doesn’t object to L3Harris’s (LHX) bid for the maker of rocket engines, Defense One reported.