Defense M&A After Lockheed-Aerojet Will Be Smaller For Longer

 RS-25 engine
The RS-25 engine system is slated for the Artemis III, the third flight of NASA’s Space Launch System.
Credit: Aerojet Rocketdyne
In hindsight, the proposed $4.4 billion acquisition of Aerojet Rocketdyne by Lockheed Martin was star-crossed from the beginning. Announced in December 2020 after President Joe Biden’s election—and on the heels of three decades of painful, aggressive defense industry consolidation—the proposal by...

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