FEDS OK ROCKETDYNE SALE FTC DECISION CLEARS WAY FOR NEW OWNER.Byline: Lisa Friedman Washington Bureau WASHINGTON - The federal government will not stand in the way of the Boeing Co.'s $700 million sale of its Rocketdyne Propulsion Propulsion The process of causing a body to move by exerting a force against it. Propulsion is based on the reaction principle, stated qualitatively in Newton's third law, that for every action there is an equal and opposite reaction. & Power business to a Connecticut rocket engine manufacturer, the new owners confirmed Tuesday. The decision by the Federal Trade Commission clears the way for the official transfer of ownership to United Technology's Pratt & Whitney Space Propulsion unit. Rocketdyne and Pratt & Whitney officials said they were pleased with the ruling and said they expect the sale to become final by next week. ``We didn't anticipate any issues, so it's good news,'' said Pratt & Whitney spokesman Dan Coloum. ``It's great news,'' said Rocketdyne spokesman John Mitchell. The company has not announced any staffing or operational cuts at Rocketdyne's San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. area facilities, but neither has it given any assurances that jobs will stay. Rep. Brad Sherman Bradley J. "Brad" Sherman (born October 24 1954) is an American politician. He has been a Democratic member of the United States House of Representatives since 1997, representing California's At-large congressional district. , D-Sherman Oaks, said he hopes to see United Technologies become active in the community and increase jobs in the region. ``We welcome the new employer,'' Sherman said. ``We hope and expect that the work being done will stay in the Valley, and that United Technologies will move additional work to the facility.'' About 1,200 people work at the Rocketdyne manufacturing facility in Canoga Park, and 1,300 at the Chatsworth administrative headquarters. About 100 employees work at the Santa Susana Santa Susana can refer to several places:
The sale also includes sites in Alabama, Florida and Mississippi. United Technologies is a $31 billion company whose holdings also include Hamilton Sundstrand Hamilton Sundstrand, is a global corporation that manufactuers and supports aerospace and industrial products for worldwide markets. It was formed from the merger of Hamilton Standard and Sundstrand Corporation in 1999. aerospace systems and industrial products; Otis elevators and escalators; Sikorsky helicopters; and UTC Power UTC Power provides On-Site Power Products, Transportation Products, and Space and Defense Solutions . UTC Power is a wholly owned subsidiary of United Technologies Corporation. History UTC Power began as a division of Pratt & Whitney in the 1960s. fuel cells. Lisa Friedman, (202) 662-8731 lisa.friedman(at)langnews.com |
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