Aerospace and technology firm GenCorp Inc. of Rancho Cordova, Calif. has closed the acquisition deal of rocket engine maker Rocketdyne and named executives to head the new company.
GenCorp also owns Aerojet, the Sacramento aerospace firm founded in 1942. So the $550-million purchase of Rocketdyne to GenCorp marks the combination of two iconic rocket companies -- and longtime competitors.
The newly formed company is now Aerojet Rocketdyne Inc. and based in Sacramento. It includes more than 5,300 employees at 16 sites across the U.S. and throughout the world.
Much of the Rocketdyne workforce is in a large facility in Canoga Park. The company builds rocket engines for NASA, military rockets and missiles.