Pentagon to invest $1B in L3Harris rocket-motor spinoff

L3Harris Technologies’ plan to create a new publicly traded solid rocket motor company in the second half of this year includes the U.S. government, which will become a significant stockholder in that post-IPO entity.Their transaction announced Tuesday has multiple moving parts to it, starting with the Defense Department’s agreement to invest $1 billion in L3Harris’ rocket motor business. That stake is initially starting as a convertible preferred security, which will then auto