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.
On Monday, Aerojet Rocketdyne announced that Warren Boley Jr. was named chief executive and president. He was previously president at Aerojet for nearly a year. Prior to that, Boley spent 27 years with engine maker Pratt & Whitney.
Aerojet Rocketdyne named Jim Maser as vice president for corporate strategy and development.
The company will discuss its plans for the future Tuesday at the Paris Air Show. The event, which ends Sunday, is one of the largest aerospace showcases and an event at which plane makers, airlines and military officials from around the world gather to sign billion-dollar deals.ALSO: F-22 program produces few planes, soaring costs