Company type | Subsidiary |
---|---|
NYSE: GY | |
Industry | Aerospace, Defense |
Predecessors | |
Founded | 2013 |
Headquarters | , U.S. |
Key people | Ross Niebergall (President) |
Revenue | US$2.24 billion (2022) |
US$145 million (2022) | |
US$74 million (2022) | |
Total assets | US$2.37 billion (2022) |
Total equity | US$541 million (2022) |
Number of employees | 5,283 (2022) |
Parent | L3Harris |
Footnotes /references [1] [2] |
Aerojet Rocketdyne is a subsidiary of American defense company L3Harris that manufactures rocket, hypersonic, and electric propulsive systems for space, defense, civil and commercial applications. [3] [4] [2] Aerojet traces its origins to the General Tire and Rubber Company (later renamed GenCorp, Inc. as it diversified) established in 1915, while Rocketdyne was created as a division of North American Aviation in 1955. [5] [6] Aerojet Rocketdyne was formed in 2013 when Aerojet and Pratt & Whitney Rocketdyne were merged, following the latter's acquisition by GenCorp, Inc. from Pratt & Whitney. [7] [8] Aerojet Rocketdyne was acquired by L3Harris in July 2023 for $4.7 billion.
Several decades after it began manufacturing rubber products, General Tire & Rubber diversified into broadcasting and aeronautics.
In the 1940s, the Aerojet company began experimenting with various rocket designs. For a solid-fuel rocket, they needed binders, and turned to General Tire & Rubber for assistance. General became a partner in the company.
Radio broadcasting began with the purchase of several radio networks starting in 1943. In 1952, its purchase of WOR-TV expanded the broadcast business into television. In 1953, General Tire & Rubber bought the RKO Radio Pictures movie studio. [9] All of its media and entertainment holdings were organized into the RKO General division.
Due to the studio and rocket businesses, General Tire & Rubber came to own a great deal of property in California. Its internal facilities management unit began commercializing its operations, landing General Tire & Rubber in the real estate business. This started when Aerojet-General Corporation acquired approximately 12,600 acres (51 km2) of land in Eastern Sacramento County. Aerojet converted these former gold fields into one of the premier rocket manufacturing and testing facilities in the Western world. However, most of this land was used to provide safe buffer zones for Aerojet's testing and manufacturing operations. Later, as the need for these facilities and safety zones decreased, the property became available for other uses. Located 15 miles (24 km) northeast of Sacramento along U.S. Highway 50, the properties were valuable, being in a key growth corridor in the region. Approximately 6,000 acres (24 km2) of the Aerojet lands are now being planned as a community called Easton. Easton Development Company LLC was formed to assist in the process. [10]
In 1955, North American Aviation spun off Rocketdyne, a developer of rocket motors that built upon research conducted into the German V-2 Rocket after World War II. Rocketdyne would become a major supplier for NASA, producing the Rocketdyne F-1 engine for the Saturn V rocket of the Apollo Space Program as well as the RS-25 engine of the Space Shuttle program and its successor the Space Launch System (SLS) program. Together, Aerojet Rocketdyne has gone on to contribute to every successful NASA Mars mission, including powering the launch, entry, descent, and landing phases of the Perseverance rover mission. [11]
In 1984, General Tire created a parent holding company, GenCorp, Inc., for its various business ventures.
The main subsidiaries were:
Through its RKO General subsidiary, the company also held stakes in:
Faced with a hostile takeover attempt, among other difficulties, GenCorp, Inc. shed some of its long-held units in the late 1980s.
RKO General ran into difficulties with the Federal Communications Commission (FCC) during license renewal proceedings in the late 1980s. The FCC was reluctant to renew the broadcast licenses, due to widespread lying to advertisers and regulators. As a result of the protracted proceedings, GenCorp sold RKO General's broadcast properties beginning in 1987.
GenCorp, Inc. also sold its former flagship, General Tire, to German tire manufacturer Continental AG in order to concentrate on Aerojet.
In 1999, GenCorp, Inc. spun off its Decorative & Building Products and Performance Chemicals businesses. GenCorp, Inc. formed OMNOVA Solutions Inc. into a separate, publicly traded company, and transferred those businesses into it.
GenCorp, Inc.'s two remaining businesses, as of 2008, were Aerojet and Easton Real Estate. [12]
GenCorp, Inc. withdrew its over-funded pension during the real estate boom years of 2006 and 2007. The real estate bust caused an underfunding of the pension plan of over $300 million. This caused a freeze of its pension plan on February 1, 2009, and an end to 401(k) match on January 15, 2009. The move was expected to save the company 29 million a year. [13]
In March 2008, hedge fund Steel Partners II, which owned 14% of GenCorp, Inc., made an agreement that saw Terry J. Hall step down as CEO and gave Steel Partners II control of three board seats plus the selection of the new CEO (who would also hold a board seat). Steel Partners II had previously attempted a hostile takeover in 2004, and forced the deal after complaining about "significant underperformance and deterioration of share price". Aerojet President J. Scott Neish was named interim CEO. [14]
In January 2010, Scott Seymour, the former head of Northrop Grumman Integrated Systems from 2002 to 2008, was appointed permanent CEO of GenCorp, Inc. and Neish resigned. [15]
In July 2012, GenCorp, Inc. agreed to buy rocket engine producer Pratt & Whitney Rocketdyne from United Technologies Corporation for $550 million. [16] [17] [18] The FTC approved the deal on June 10, 2013, and it closed on June 17. [19] [20] [21] [22] GenCorp, Inc. was later renamed Aerojet Rocketdyne Holdings, Inc on April 27, 2015. [23]
On December 20, 2020, it was announced that Lockheed Martin would acquire the company for $4.4 billion. [24] The acquisition was expected to close in first quarter of 2022, [25] but this received opposition from Raytheon Technologies. Later the FTC sued to block this deal on a 4–0 vote in January 2022 on grounds that this would eliminate the largest independent maker of rocket motors [26] [27] and Lockheed subsequently abandoned the deal in February 2022. [28] [29]
In December 2022, L3Harris Technologies agreed to buy the company for $4.7 billion in cash. [30] The acquisition was completed in July 2023. [31] L3Harris named former CTO Ross Niebergall as president of the new Aerojet Rocketdyne business segment, [2] which would now be headquartered in Palm Bay, Florida. [32]
On 13 October 2017, it was reported that Aerojet Rocketdyne completed a keystone demonstration on a new X3 ion thruster, which is a central part of the XR-100 system for the NextSTEP program. [40] [41] The X3 ion thruster was designed by the University of Michigan [42] and is being developed in partnership with the University of Michigan, NASA, and the Air Force. The X3 is a Hall-effect thruster operating at over 100 kW of power. During the demonstration, it broke records for the maximum power output, thrust and operating current achieved by a Hall thruster to date. [40] It operated at a range of power from 5 kW to 102 kW, with electric current of up to 260 amperes. It generated 5.4 newtons of thrust, "which is the highest level of thrust achieved by any plasma thruster to date". [40] [43] A novelty in its design is that it incorporates three plasma channels, each a few centimeters deep, nested around one another in concentric rings. [41] The system is 227 kg (500 lb) and almost 1 metre (3 ft 3 in) in diameter. [40]
Aerojet Rocketdyne is the prime contractor to the US Department of Energy for the Multi-mission Radioisotope Thermoelectric Generator. The first flight MMRTG is currently powering the Mars Curiosity Rover, and a second flight unit powers the Perseverance Rover.[ citation needed ]
A monopropellant rocket is a rocket that uses a single chemical as its propellant. Monopropellant rockets are commonly used as small attitude and trajectory control rockets in satellites, rocket upper stages, manned spacecraft, and spaceplanes.
An arcjet rocket or arcjet thruster is a form of electrically powered spacecraft propulsion, in which an electrical discharge (arc) is created in a flow of propellant. This imparts additional energy to the propellant, so that one can extract more work out of each kilogram of propellant, at the expense of increased power consumption and (usually) higher cost. Also, the thrust levels available from typically used arcjet engines are very low compared with chemical engines.
A tripropellant rocket is a rocket that uses three propellants, as opposed to the more common bipropellant rocket or monopropellant rocket designs, which use two or one propellants, respectively. Tripropellant systems can be designed to have high specific impulse and have been investigated for single-stage-to-orbit designs. While tripropellant engines have been tested by Rocketdyne and NPO Energomash, no tripropellant rocket has been flown.
The Centaur is a family of rocket propelled upper stages that has been in use since 1962. It is currently produced by U.S. launch service provider United Launch Alliance, with one main active version and one version under development. The 3.05 m (10.0 ft) diameter Common Centaur/Centaur III flies as the upper stage of the Atlas V launch vehicle, and the 5.4 m (18 ft) diameter Centaur V has been developed as the upper stage of ULA's new Vulcan rocket. Centaur was the first rocket stage to use liquid hydrogen (LH2) and liquid oxygen (LOX) propellants, a high-energy combination that is ideal for upper stages but has significant handling difficulties.
Continental Tire the Americas, LLC, d.b.a. General Tire, is an American manufacturer of tires for motor vehicles, and semi trucks. Founded in 1915 in Akron, Ohio by William Francis O'Neil, Winfred E. Fouse, Charles J. Jahant, Robert Iredell, and H.B. Pushee as The General Tire & Rubber Company using funding from Michael O'Neil, William Francis O'Neills' father, who owned Akron's O'Neil's Department Store. The company later diversified by 1984 into a conglomerate with holdings in tire manufacturing, rubber compounds, rocketry and aeronautics (Aerojet), and broadcasting.
Rocketdyne is an American rocket engine design and production company headquartered in Canoga Park, in the western San Fernando Valley of suburban Los Angeles, in southern California.
The Saturn IB was an American launch vehicle commissioned by the National Aeronautics and Space Administration (NASA) for the Apollo program. It uprated the Saturn I by replacing the S-IV second stage, with the S-IVB. The S-IB first stage also increased the S-I baseline's thrust from 1,500,000 pounds-force (6,700,000 N) to 1,600,000 pounds-force (7,100,000 N) and propellant load by 3.1%. This increased the Saturn I's low Earth orbit payload capability from 20,000 pounds (9,100 kg) to 46,000 pounds (21,000 kg), enough for early flight tests of a half-fueled Apollo command and service module (CSM) or a fully fueled Apollo Lunar Module (LM), before the larger Saturn V needed for lunar flight was ready.
The J-2, commonly known as Rocketdyne J-2, was a liquid-fuel cryogenic rocket engine used on NASA's Saturn IB and Saturn V launch vehicles. Built in the United States by Rocketdyne, the J-2 burned cryogenic liquid hydrogen (LH2) and liquid oxygen (LOX) propellants, with each engine producing 1,033.1 kN (232,250 lbf) of thrust in vacuum. The engine's preliminary design dates back to recommendations of the 1959 Silverstein Committee. Rocketdyne won approval to develop the J-2 in June 1960 and the first flight, AS-201, occurred on 26 February 1966. The J-2 underwent several minor upgrades over its operational history to improve the engine's performance, with two major upgrade programs, the de Laval nozzle-type J-2S and aerospike-type J-2T, which were cancelled after the conclusion of the Apollo program.
The Rocketdyne H-1 was a 205,000 lbf (910 kN) thrust liquid-propellant rocket engine burning LOX and RP-1. The H-1 was developed for use in the S-I and S-IB first stages of the Saturn I and Saturn IB rockets, respectively, where it was used in clusters of eight engines. After the Apollo program, surplus H-1 engines were rebranded and reworked as the Rocketdyne RS-27 engine with first usage on the Delta 2000 series in 1974. RS-27 engines continued to be used up until 1992 when the first version of the Delta II, Delta 6000, was retired. The RS-27A variant, boasting slightly upgraded performance, was also used on the later Delta II and Delta III rockets, with the former flying until 2018.
The RS-68 (Rocket System-68) was a liquid-fuel rocket engine that used liquid hydrogen (LH2) and liquid oxygen (LOX) as propellants in a gas-generator cycle. It was the largest hydrogen-fueled rocket engine ever flown.
The staged combustion cycle is a power cycle of a bipropellant rocket engine. In the staged combustion cycle, propellant flows through multiple combustion chambers, and is thus combusted in stages. The main advantage relative to other rocket engine power cycles is high fuel efficiency, measured through specific impulse, while its main disadvantage is engineering complexity.
The gas-generator cycle, also called open cycle, is one of the most commonly used power cycles in bipropellant liquid rocket engines.
Aerojet was an American rocket and missile propulsion manufacturer based primarily in Rancho Cordova, California, with divisions in Redmond, Washington, Orange and Gainesville in Virginia, and Camden, Arkansas. Aerojet was owned by GenCorp, Inc., In 2013, Aerojet was merged by GenCorp with the former Pratt & Whitney Rocketdyne to form Aerojet Rocketdyne.
The Space Launch Initiative (SLI) was a NASA and U.S. Department of Defense joint research and technology project to determine the requirements to meet all the nation's hypersonics, space launch and space technology needs. It was also known as the "2nd Generation Reusable Launch Vehicle (RLV) program.". The program began with the award of RLV study contracts in 2000.
The LR87 was an American liquid-propellant rocket engine used on the first stages of Titan intercontinental ballistic missiles and launch vehicles. Composed of twin motors with separate combustion chambers and turbopump machinery, it is considered a single unit and was never flown as a single combustion chamber engine or designed for this. The LR87 first flew in 1959.
The Delta Cryogenic Second Stage (DCSS) is a family of cryogenic-fuelled rocket stages used on the Delta III, Delta IV, and on the Space Launch System Block 1 launch vehicles. The DCSS employs a unique two-tank architecture where the cylindrical liquid hydrogen (LH2) tank carries payload launch loads and forms the upper section. An oblate spheroid tank filled with liquid oxygen (LOX) and the engine are suspended from the LH2 tank and covered by the interstage during initial launch.
Pratt & Whitney Rocketdyne (PWR) was an American company that designed and produced rocket engines that use liquid propellants. It was a division of Pratt & Whitney, a fully owned subsidiary of United Technologies Corporation. It was headquartered in Canoga Park, Los Angeles, California. In 2013, the company was sold to GenCorp,Inc., becoming part of Aerojet Rocketdyne.
The RS-88 is a liquid-fueled rocket engine designed and built in the United States by Rocketdyne. Originally developed for NASA's Bantam System Technology program in 1997, the RS-88 burned ethanol fuel with liquid oxygen (LOX) as the oxidizer. It offered 220 kN (49,000 lbf) of thrust at sea level.
The RS-27 was a liquid-propellant rocket engine developed in 1974 by Rocketdyne to replace the aging MB-3 in the Delta. Incorporating components of the venerable MB-3 and the H-1 designs, the RS-27 was a modernized version of the basic design used for two decades. It was used to power the first stage of the Delta 2000, 3000, 5000, and the first model of the Delta II, the Delta 6000.
The MARC-60, also known as MB-60, MB-XX, and RS-73, is a liquid-fuel cryogenic rocket engine designed as a collaborative effort by Japan's Mitsubishi Heavy Industries and US' Aerojet Rocketdyne. The engine burns cryogenic liquid oxygen and liquid hydrogen in an open expander cycle, driving the turbopumps with waste heat from the main combustion process.