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Lockheed Martin did not acquire Aerojet Rocketdyne. The companies agreed to a proposed $4.4 billion acquisition in December 2020, but the Federal Trade Commission sued to block it in January 2022, and Lockheed terminated the agreement on February 13, 2022. The FTC later closed its proceeding after the deal and related premerger filings were withdrawn.
What was the proposed deal?
Lockheed Martin announced a definitive agreement on December 20, 2020, to acquire Aerojet Rocketdyne for a proposed $4.4 billion. Lockheed described the transaction as a way to expand its propulsion capabilities and strengthen its technology position. Those were the company’s expectations for a proposed acquisition, not benefits realized after a completed purchase. Lockheed Martin’s announcement outlined its rationale.
Why did the FTC challenge it?
The FTC characterized the transaction as a vertical merger: Lockheed was a defense contractor that competed for contracts, while Aerojet supplied advanced power, propulsion and armament systems used in missiles made by Lockheed and other defense prime contractors. The agency alleged that owning Aerojet could give Lockheed both the ability and incentive to disadvantage rival contractors that relied on the supplier.
In its January 25, 2022 announcement, the FTC said the alleged risks included restricting competitors’ access to important inputs and influencing supply, investment or innovation decisions in ways that could harm rivals and competition in markets tied to missile systems. These were allegations in the agency’s complaint, not findings reached after a completed trial. FTC Bureau of Competition Director Holly Vedova described Aerojet as “our nation’s last independent supplier of key missile inputs”; that was her characterization at the time, not an unqualified statement about the market today. The FTC’s announcement sets out the agency’s claims.
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- IFF antenna array in front of the cockpit distinguishes this CCIP-equipped model from other F-16s.
- Curved form of the F-16 accurately reproduced with trademark Tamiya precision.
- Moveable horizontal stabilizers. "Flaperons" can be modelled in the up or down positions.
- Full ordnance load including AGM-88 HARM, AIM-120C AMRAAM, AIM-9M/X Sidewinder, ECM pod, and fuel tanks included.
- Centerline and inner wing pylons as well as tail assembly feature polycaps to allow easy detachment for storage.
How did Lockheed respond?
Lockheed presented the acquisition as a way to deliver greater efficiency, speed and cost reductions for the U.S. government. After the FTC filed suit, Lockheed Chairman, President and CEO James Taiclet said the planned acquisition “would have benefitted the entire industry” through those outcomes. This was Lockheed’s stated expectation, not a measured or realized result. Lockheed’s termination announcement filed with the SEC includes Taiclet’s statement.
What happened to the acquisition and FTC case?
- December 20, 2020: Lockheed announced its agreement to acquire Aerojet Rocketdyne.
- January 25, 2022: The FTC announced its lawsuit seeking to block the proposed acquisition.
- February 13, 2022: Lockheed said it had terminated the agreement following the lawsuit.
- February 15, 2022: The FTC case record says the agency dismissed its complaint after the agreement ended and the premerger filings were withdrawn; the matter is listed as closed.
The FTC proceeding ended before a final decision on the merits. The agency’s case record lists the matter as closed, and the FTC’s Decisions, Volume 173 records the complaint and final order.
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- HOBBY MODEL KIT – Unassembled model packed in an envelope with easy to follow instructions. Ideal for ages 14 and up.
- NO GLUE OR SOLDER NEEDED – Parts can be easily clipped from the metal sheets. Tweezers are the recommended tool for bending and twisting the connection tabs.
- LOCKHEED MARTIN U-2 DRAGON LADY - 2 Sheet Model with a moderate difficulty level. Once assembled, dimensions are 4.70 L x 7.90 W x 2.40 H inches. 1:157 Scale.
- FROM STEEL SHEETS TO 3D – Pop out the pieces and connect using tabs and holes. Includes illustrated instructions.
- HIGHLY DETAILED ETCHED MODEL – Display your 3D model once completed - collect and build them all.
What the outcome means
The $4.4 billion figure refers to the proposed transaction, not a completed purchase. Lockheed and Aerojet’s competing views about the expected benefits and potential competitive harm were not resolved through a completed merits trial. The available record establishes that the agreement was terminated and the FTC matter closed; it does not establish that the FTC’s allegations were proven or that Lockheed’s projected benefits would have occurred.
Quick Recap
Best Value
- AUTHENTIC DETAIL: Features a multi-part hull with recessed panel lines, a detailed cockpit, and a seated pilot figure with Helmet-Mounted Display.
- VERSATILE ARMAMENT: Includes three ordnance patterns — stealth, air-to-air, and beast mode — plus optional open or closed weapons bay covers and canopy.
- THREE MARKING OPTIONS: Includes Alabama ANG 187th Fighter Wing, RAF Lakenheath 495th Fighter Squadron 'Valkyries', and special 2024 unveiling tail markings.
- SCALE & SIZE: 1:72 scale model with a 5.875-in wingspan
- 143-PIECE KIT: Skill level 4 build recommended for ages 12 and up, offering an engaging and rewarding modeling experience for aviation enthusiasts.
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- Highly detailed surfaces
- Detailed cockpit
- Authentic decal set
- Illustrated instructions
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- HIGHLY DETAILED: Model kit of the Lockheed Martin F-35A Fighter Aircraft - Currently the most modern stealth multi-role fighter aircraft
- SUBJECT DETAILS: The F-35A also features very good stealth characteristics and advanced sensor technology.
- MODEL DETAILS: New Tool 2024 - Multi-piece fuselage - Various armaments - Multi-part landing gear
- FURTHER MODEL DETAILS: Includes a fully illustrated, step-by-step instruction manual, decal set and painting guide and paint reccomendations (sold seprately)
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