MELBOURNE, Fla., July 29, 2024 - L3Harris Technologies (NYSE:LHX) has marked the one-year anniversary of its acquisition of power and propulsion provider Aerojet Rocketdyne with significant performance progress.
L3Harris made important commitments to shareholders and customers when we announced our intent to acquire Aerojet Rocketdyne, and over the past year have been delivering on those promises, said Christopher E. Kubasik, Chair and CEO, L3Harris. The high demand for missiles and the solid rocket motors that propel them makes our investment in Aerojet Rocketdyne even more crucial to our national security. We remain focused on helping meet that demand while strengthening the U.S. defense industrial base.
L3Harris increased internal investments in Aerojet Rocketdyne by 40% year-over-year, including the expansion and modernization of manufacturing to enhance production across its product lines. The company also provided sub-tier suppliers with more than $25 million in funding and qualified additional suppliers to bolster the solid rocket motor subcomponent supply chain. Further, the company is leveraging government investments to expand solid rocket motor facilities for key missile programs.
Through significant investments and a focus on excellence, we have markedly increased propulsion production and on-time delivery, said Ross Niebergall, President, Aerojet Rocketdyne, L3Harris. The Aerojet Rocketdyne team is now better positioned to design and deliver the highest quality systems that support critical defense and space missions.
Performance improvements since the acquisition include record-setting months of deliveries for five programs and reducing late deliveries by nearly half.
L3Harris propulsion systems over the past year have enabled key missile defense tests and supported the historic launches of Vulcan and Starliner and the final Delta IV Heavy rocket. While being selected to support hypersonics and critical defense programs like Next Generation Interceptor, the company also demonstrated advanced solid rocket motors in hot-fire tests including Zeus 2, met key delivery milestones and completed RS-25 rocket engine certification testing for NASA's Artemis campaign.
About L3Harris Technologies
L3Harris Technologies is the Trusted Disruptor in the defense industry. With customers' mission-critical needs always in mind, our employees deliver end-to-end technology solutions connecting the space, air, land, sea and cyber domains in the interest of national security. Visit L3Harris.com for more information.
Forward-Looking Statements
This press release contains forward-looking statements that reflect managements current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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MELBOURNE, Fla., July 29, 2024 - L3Harris Technologies (NYSE:LHX) has marked the one-year anniversary of its acquisition of power and propulsion provider Aerojet Rocketdyne with significant performance progress. 
