Aerojet Rocketdyne Consolidates Under Competitive Improvement Plan
One month after the announcement that Aerojet Rocketdyne switched management, the Competitive Improvement Program was put into action by the company. This plan involves a forty percent reduction in facilities and a ten percent reduction in workforce. The most targeted facility will be the company’s headquarters near Sacramento, California, which involves an overall reduction from 230,000 square meters to about 140,000 square meters.
Furthermore, the workforce will be cut down by more than 500 employees, 250 of which are stationed in the Sacramento office. GenCorp anticipates that this plan will cost $110 million during the next four years, according to data from the U.S. Securities and Exchange Commission. However, they hope that this astounding loss will translate to savings of $145 million each year. If successful, gains should be seen at the start of 2019. The previous president, Warren M. Boley, Jr., was replaced by Scott Seymour in June 2013. While president of Aerojet Rocketdyne, Seymour will be retaining his position as chief executive of GenCorp. Also during this time, Aerojet merged with Pratt & Whitney Rocketdyne, forming Aerojet Rocketdyne.
Both companies maintained a close relationship for more than twenty-seven years. March 9th
marked the transformation of GenCorp into Aerojet Rocketdyne Holdings, Inc. A day later, Glenn Mahone announced that the Sacramento projects regarding the manufacturing of three missiles will be transferred to Arkansas and Virginia in efforts to reduce program costs. Aerojet Rocketdyne is a current manufacturer of many engines, such as the RS-25 and RL-10. The former was a reusable engine for the Space Shuttle. The Pratt & Whitney RL-10 is currently used on the Delta IV and Atlas V. As a top supplier of engines and parts for both commercial and military uses, Aerojet Rocketdyne is hoping to grow with new leadership and a strong business plan. Via our proprietary website ASAP Purchasing, ASAP Semiconductor is a leading supplier of Aerojet Rocketdyne products. Prospective customers can browse our inclusive inventory of hard-to-find obsolete and current Aerojet Rocketdyne parts
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Posted on March 18, 2015