Aerojet Rocketdyne has landed a buyer. L3Harris Technologies has agreed to make the purchase, with a deal that’s valued around $4.7 billion for the rocket engine maker. After the Federal Trade Commission (FTC) blocked the Lockheed Martin deal, other buyers were allegedly on the scene. Both GE and Textron were noted as potentials, with L3Harris ultimately securing the deal. In October, L3Harris also purchased Viasat’s tactical data links division for $1.96 billion. Florida-based L3Harris is said to be valued at $41 billion.
“With this acquisition, we will use the combined talents of more than 50,000 employees to drive continuous process improvement, enhance business operations and elevate the performance of this crucial national asset,” Christopher E. Kubasik, chief executive officer of L3Harris, said in the company statement.
Cisco layoffs went into implementation this past week, with 5% of its workforce impacted – a total of 4,100 people. While layoffs are in effect, the company is not on a hiring freeze. In fact, they are hiring for new roles. The layoffs are a piece of their restructuring plan. Any employees that can’t be reshuffled into new roles are receiving severance packages, according to Cisco.
Back in September, DHS said they were conducting a technologist hiring initiative. Since then, they have reviewed almost 1,000 applicants and are prepared to get the ball rolling in January. New hires will be at the GS-14 and GS-15 grade levels, earning six-figure salaries or close to it. From software engineering to data science to product managers, DHS has been looking for a wide range of skillsets to improve the customer experience.
“Through the talent and dedication of the department’s employees, we have made significant progress modernizing our delivery of services by harnessing technology and other innovations,” said Secretary Alejandro Mayorkas in a statement. “There is more work to be done, as we continue to improve the customer experience for the millions of individuals with whom we interact every day, while advancing equity, protecting individuals’ privacy rights and civil liberties, and increasing our openness, transparency, and accountability.”
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Opportunity to Watch
Just 75 days into the new fiscal year, and Congress passed the 2023 National Defense Authorization Act (NDAA). Inflation was a major topic this year, and Congress added $19 billion to the bill to compensate for it. That helped to put the NDAA at $45 billion more than what the White House requested. Pending the President’s signature, this move to offset inflation costs could go a ways in helping contractors on firm-fixed-price contracts.
The NDAA included a pay raise for military members, more funding to support Ukraine, as well as, an end to the COVID-19 vaccine mandate. Meanwhile, Congress has to pass final legislation to appropriate the funds. The federal government has a Continuing Resolution (CR) that ends December 23. And everyone is hopeful that this is the last CR for not just the calendar year, but more importantly, the fiscal year. Aside from keeping the doors open and the lights on, everyone agrees that CRs waste time and resources.