President says Aerojet is climbing out of hole as it clears rocket backlog

When L3Harris Technologies bought Aerojet Rocketdyne for $4.7 billion last year, the rocket-motor-builder was thousands of motors behind schedule. Now, just over a year into the acquisition, Aerojet says it’s getting back on track. The company has made strides to improve delivery times, with a 60-percent reduction in backlog expected by the end of the year. Challenges mainly stem from getting components from sub-tier suppliers. Despite new entrants in the market, Aerojet remains confident in its position. Last year, Aerojet received $216 million from the Defense Department to expand and modernize its facilities in Arkansas, Alabama, and Virginia. New facilities are being built to increase production capacity for key weapons systems. Rocket motor demand has increased due to wars, and the company is preparing for increased competition and uncertainty in the market.