Monica Jackson
Aerojet Rocketdyne CEO Eileen Drake has announced that the company plans to acquire more companies or product lines as part of its Competitive Improvement Program, Space News reported Wednesday.
The firm is focusing on mergers and acquisitions as its debt load decreased from $464.4M in May 2015 to $102.2M in June 2018 and it earned $34.8M on $467.2M in revenue from April to June this year.
Drake said during a G.research-hosted event that Aerojet aims to make $230M in annual savings by 2021.
She added that the company intends to make acquisitions similar to its purchase of Coleman Aerospace from L3 Technologies in 2017 for $15M.
The acquisition was completed when Coleman Aerospace opened a missile technology integration and testing facility at Cape Canaveral Air Force Station in Florida.
In August, the rocket manufacturer invested $50M in a project to expand its rocket motor and warhead manufacturing facility in Southern Arkansas, which will help generate 140 jobs.
