12/21/2020, 4:36 PM (Source: TeleTrader)
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Aerojet Rocketdyne surges 22% on Lockheed deal

Shares of American rocket maker Aerojet Rocketdyne Holdings, Inc. surged over 20% on Monday after Lockheed Martin, the US’s largest defense contractor, announced it would acquire the company for $4.4 billion.

"This transaction enhances Lockheed Martin's support of critical US and allied security missions and retains national leadership in space and hypersonic technology. We look forward to welcoming their talented team and expanding Lockheed Martin's position as the leading provider of 21st-century warfare solutions," Lockheed Martin President and CEO James Taiclet said of the deal.

Aerojet Rocketdyne soared 22.12% to $51.34 at 10:30 am ET.

Breaking the News / JC