Aerojet Rocketdyne Holdings Inc. says it has a definitive agreement to purchase Florida company Coleman Aerospace from L3 Technologies Inc. for $15 million in cash.
Rocket engine manufacturer Aerojet Rocketdyne, which last year moved its headquarters from Rancho Cordova to El Segundo but still employs more than 1,000 locally, said the transaction is subject to adjustments but is expected to close soon.
Coleman Aerospace, based in Orlando, will operate as a subsidiary of Aerojet Rocketdyne and will be renamed Aerojet Rocketdyne Coleman Aerospace Inc.
Coleman provides suborbital launch vehicles, payloads and launch services. It develops and integrates air- and ground-launched ballistic missile targets and mission planning for the U.S. Missile Defense Agency, and hypersonic testing for the U.S. Air Force Research Laboratory.
The California company said the Coleman business is expected to generate approximately $40 million in revenue in 2017.
Aerojet Rocketdyne employs nearly 5,000 at 14 sites nationwide.