- Raytheon Technologies (RTX -0.6%) plans to contest Lockheed Martin's (LMT +0.5%) proposed $4.4B takeover of Aerojet Rocketdyne (AJRD -0.1%) with the U.S. Justice and Defense departments, CEO Greg Hayes says.
- Aerojet is "a huge supplier to us, and if that merger actually happens, you don't have an independent supplier on the solid-rocket-motor side," Hayes tells the Barclays Industrial Select virtual conference. "Also, I think it gives us pause as we think about the competitive landscape going forward."
- If the deal is completed, a top competitor would absorb a key supplier of solid rocket motors used in Raytheon's missile systems.
- Lockheed announced the deal in December in an effort to expand expand into futuristic space travel and missile defense.