Aerojet Rocketdyne to buy Coleman Aerospace from L3

Feb. 23 (UPI) -- Aerojet Rocketdyne Holdings will purchase Coleman Aerospace for $15 million in a move company leaders say will expand their missile target vehicle business.

Coleman, currently a subsidiary of L3 Technologies, will operate as a subsidiary of Aerojet Rocketdyne under the name Aerojet Rocketdyne Coleman Aerospace after the acquisition is complete.

Aerojet Rocketdyne leaders says the purchase will expand its missile target catalogue to include small, medium and intermediate ballistic missile targets in addition to small launch vehicles.

"The addition of Coleman's vehicle integration expertise supports our growth strategy for offering an expanded range of products and services to the defense and space markets," Aerojet Rocketdyne CEO and president Eilleen Drake said in a press release. "This deal represents a sound investment in both advanced technologies and new capabilities that build upon our decades of experience as the nation's leading propulsion provider."

Coleman formed in 1980, and has served as a contractor and subcontractor for suborbital launch vehicles, payloads, and launch services. It also develops and integrates ground and air-launched ballistic missile targets for the U.S. Missile Defense Agency.

The company is expected to produce $40 million in revenue in 2017.