June 16, 2013 / 3:16 PM / 5 years ago

AIRSHOW-GenCorp's Aerojet: Rocketdyne deal to save U.S. $1 bln

PARIS, June 16 (Reuters) - Aerojet Rocketdyne, the new company formed after GenCorp Inc’s acquisition of Pratt & Whitney Rocketdyne, on Sunday said it has promised the U.S. government $1 billion in savings over the next decade as a result of the deal, with an additional $2 billion in savings possible in later phases of the merger.

Aerojet Rocketdyne President Warren Boley told Reuters in an interview that the new company, a wholly owned unit of GenCorp, expected to double its revenues over the next five years from a current combined estimate of $1.7 billion.

He said the company was also looking at other business opportunities, and would soon sign a memorandum of understanding on a “significant strategic relationship” with Israel Military Industries that could evolve into a joint venture in the future.

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