Rocketdyne Being Sold - Griffin as New CEO? (Update)

Keith's 11 June note: Industry sources report that Chase Bank has led a group that has bought (or is seekng ot buy) venerable rocket engine manufacturer Rocketdyne from Pratt & Whitney and that Mike Griffin will be the new CEO. Stay tuned for more details.

Keith's 12 June update: Industry sources now speak of Rocketdyne as having been bought by Goodrich while others claim it has been bought EADS. Others now say that that Mike Griffin has not been asked to be the CEO. The speculation and claims about Rocketdyne's suitors clearly indicates the value that many in the industry see in its products.

United Tech lowers equity sale to fund Goodrich deal, Reuters

"One source familiar with the matter said the Rocketdyne sale to a private investor is imminent and should be completed by the end of the month. The two sides had hoped to finish negotiations by June 15, but that now appears unlikely. "With any sale, you want to do them as fast as you can because otherwise the company loses momentum," the source said. The source, who was not authorized to speak on the record, did not name the private equity investor and had no details on the selling price for Rocketdyne and the other units. The units were fetching prices "pretty much in line" with what UTC had expected, the source said."

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This page contains a single entry by Keith Cowing published on June 12, 2012 3:53 PM.

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