US sues to block Lockheed's purchase of supplier Aerojet
Source: AP
WASHINGTON (AP) — The Biden administration is suing to block Lockheed Martin Corp.'s $4.4 billion bid for Aerojet Rocketdyne Holdings, saying it would limit competition and drive up prices for components used in missiles that Lockheed and other defense contractors build for the Pentagon.
The Federal Trade Commission said Tuesday that Aerojet is the last independent U.S. supplier of some key missile parts, and the acquisition would let Lockheed cut off supply to rival.
Lockheed said it was reviewing the lawsuit but had no further immediate comment.
Lockheed’s missile competitors include Raytheon Technologies, Northrop Grumman and Boeing. The weapons they supply to the Pentagon depend on rocket motors built by Aerojet, the commission said. The motors go into space rockets and missiles such as hypersonic weapons for the Pentagon.
Read more: https://www.msn.com/en-us/money/companies/us-sues-to-block-lockheeds-purchase-of-supplier-aerojet/ar-AAT8nMo
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