Feb 22 2005
From The Space Library
The Boeing Company announced that it had reached an agreement to sell its Rocketdyne Propulsion and Power business to Pratt & Whitney, a United Technologies Corporation unit, for about US$700 million in cash. Rocketdyne, primarily a rocket engine developer and builder that provided booster engines for the Space Shuttle and the Delta series of expendable launch vehicles, had helped pioneer space exploration in the 1 950s and1960s. The sale reflected Boeing's struggle to make a profit in the space-launch business and marked the company's latest move toward focusing on large-scale weapons and aerospace systems. United Technologies intended the acquisition to broaden the product line at Pratt & Whitney, which, in recent years, had lost market share in its core business of providing jet engines. (The Boeing Company, “Boeing To Sell Rocketdyne Propulsion Unit to Pratt & Whitney; news release, 22 February 2005, http://www.boeing.com/news/releases/2005/q1/nr_050222o.html (accessed 19 August 2009); Los Angeles Times, “Maker of Rocket Engines Is Sold,” 23 February 2005.)
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