Lockheed Martin Reveals Concerns Over L3Harris-Aerojet Deal: Report

Author: Akanksha Bakshi | June 20, 2023 03:23pm

Lockheed Martin Corp (NYSE:LMT) reportedly raised concerns over L3Harris Technologies Inc's (NYSE:LHX) acquisition of Aerojet Rocketdyne Holdings Inc (NYSE:AJRD).

Lockheed's chief operating officer, Frank St John, told Reuters that Lockheed, Aerojet's biggest customer, wanted L3Harris to ensure access to rocket motors, fair pricing, and IP protections, adding it had received "little response" from L3Harris over its concerns.

LMT raised concerns with the U.S. Defense Department and Federal Trade Commission.

"To date, we've been unable to gain a commitment from L3Harris for those provisions as a merchant supplier," St John stated.

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If L3Harris continues to be unresponsive, Lockheed wants the Defense Department or FTC to put in place a mechanism to guarantee access to technology, the report specified

Price Action: LMT shares traded higher by 0.12% at $459.83 on the last check Tuesday.

Posted In: AJRD LHX LMT