10:39 AM EDT, 07/22/2024 (MT Newswires) -- GE Aerospace (GE) and Kratos Defense & Security Solutions' (KTOS) turbine technology unit signed a memorandum of understanding to develop and produce small low-cost engines for unmanned aerial systems, collaborative combat aircraft and similar applications.

The partnership builds on an existing agreement involving tests already underway on the engine, the companies said Monday in a statement.

GE Aerospace shares rose 1.7% in recent trading Monday, and Kratos gained 0.4%.

Price: 161.84, Change: +2.71, Percent Change: +1.70