San Fernando Valley-based Rocketdyne has been sold to aerospace company GenCorp following approval from the Federal Trade Commission, which feared the transaction would have formed a monopoly on liquid-fueled rocket engines, Reuters reports.
United Technologies Corp agreed to sell the firm for $550 million, according to Reuters.
Despite the FTC's concerns about the deal, the nation's Department of Defense urged the sale to go through because it would be crucial to the advancement of missile defense technology.
Rocketdyne, which has made engines for NASA rockets, cut 100 jobs last year at their Canoga Park and Chatsworth sites.
Zacks.com reports that the company will be moved to Sacramento.
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