WASHINGTON — Aerojet Rockedtyne said Feb. 22 that it has agreed to buy Coleman Aerospace from L3 Technologies for $15 million in cash.
L3’s Orlando, Florida-based Coleman Aerospace division builds a mix of small-, medium- and intermediate-range ballistic missile targets for the U.S. Missile Defense Agency. Coleman also builds suborbital research rockets.
Aerojet Rocketyne expects the Coleman acquisition to close this month and bring in approximately $40 million in revenue this year.
“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,” Aerojet Rocketdyne President and CEO Eileen Drake said in a press release. “This deal represents a sound investment in both advanced technologies and new capabilities that build upon our decades of experience as the nation’s leading propulsion provider. We respect the long-standing reputation for quality and customer focus that Coleman has built in the aerospace industry and in the Orlando community, and we are thrilled to welcome them to our company.”
Aerojet Rocketdyne said Coleman will continue to operate from Orlando and will assume the lease of the Space Coast Integration & Test facility that officially opens Friday at Florida’s Cape Canaveral Air Force Station.