L3Harris Technologies, Inc. (NYSE:LHX) shares are slightly up on Wednesday as the company announces a significant expansion of its solid rocket motor production capacity.
The stock’s movement follows the news of a more than $1 billion investment to create the Virginia Advanced Propulsion Facilities, which is expected to double the manufacturing space and create over 350 jobs in Orange County, Virginia.
L3Harris Technologies, in collaboration with Virginia Gov. Abigail Spanberger and the Orange County Board of Supervisors, has revealed plans for a major expansion at its Orange County site. This project aims to enhance production capabilities for key national defense programs and is expected to significantly boost local employment.
“L3Harris’ continued investments in solid rocket motor facilities are bolstering manufacturing capacity for key national defense programs,” said Ken Bedingfield, president of Missile Solutions at L3Harris.
L3Harris said it is also modernizing and expanding solid rocket motor production at its sites in Camden, Arkansas, and Huntsville, Alabama. The company’s ongoing investments in new facilities, equipment and processes “will enable it to double, triple and quadruple solid rocket motor production rates for a range of key programs”.
Full story available on Benzinga.com
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