Aerojet and Pratt & Whitney Space Propulsion
To Merge
Aerojet-General
Corp., the aerospace and defense segment of GenCorp Inc. and Pratt
& Whitney (P&W), a unit of United Technologies Corp.
announced their intention to form a new space propulsion company.
Aerojet and P&W Space Propulsion have signed a letter of
intent, subject to execution of a definitive agreement and
government agreements and approvals. A definitive agreement is
expected to be complete before the end of the calendar year.
 Under
the agreement currently being negotiated, Pratt & Whitney
would have the majority interest in the new company, which would
operate out of P&W facilities. P&W Space Propulsion
currently has facilities in California, Alabama and Florida. Most
of Aerojet's propulsion programs would be acquired by the new
company in exchange for cash and a 20 percent equity interes t
in the new company. Aerojet's propulsion business, located in
Sacramento, accounted for approximately one-third of its 1999
revenues of US$615 million.
If
the agreement is completed, Aerojet would continue to operate some
propulsion programs in Sacramento that would not be acquired by
the new company, and would complete the environmental remediation
of the Sacramento site. The final agreement is contingent on
continuation of Aerojet's existing agreement with the U.S.
Government concerning the allowability of environmental
remediation costs at its Sacramento facility.
Copyright 2001 - Andrews Space & Technology
Andrews Space & Technology Privacy
Statement and Copyright Information
SPACEandTECH Digest is a weekly roundup of the latest industry news of interest
to the space professional. SPACEandTECH Flash! is an internet push
service offered by Andrews Space & Technology to bring the
latest on orders, launches, and important breaking news to your
desktop. SPACEandTECH Digest and SPACEandTECH Flash! are part of
the Andrews Space & Technology www.spaceandtech.com
website, a website designed to serve the information needs of the
space industry.
If you would like to subscribe to the SPACEandTECH
Flash!
(currently a free service), contact the www.spaceandtech.com
Editor-in-Chief, Joe Hopkins, at editor@spaceandtech.com
|
