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AJRD

Aerojet Rocketdyne

$21.75

0.25 (1.16%)

16:27
04/10/17
04/10
16:27
04/10/17
16:27

Aerojet Rocketdyne says expanded CIP program to result in $230M in yearly saving

Aerojet Rocketdyne, Inc., a subsidiary of Aerojet Rocketdyne Holdings announced plans for the next phase of its Competitive Improvement Program, CIP, that was launched in 2015. The next phase includes additional consolidation and optimization of Aerojet Rocketdyne facilities over the next two years. "We are two years into the first phase of our CIP affordability drive and the consolidation progress, and overhead cost reductions achieved to date have exceeded our expectations," said Aerojet Rocketdyne CEO and President Eileen Drake. "We intend to build on this success by expanding our CIP-related consolidation efforts so we can deliver the value our customers demand and position our company for further growth." Aerojet Rocketdyne plans to consolidate its Sacramento and Vernon, California and Gainesville, Virginia sites while centralizing and expanding its existing presence in Huntsville, Alabama with a new state-of-the-art manufacturing facility for AR1 engine production, Additive Manufacturing, Composites production and Research & Development, expected to be ready for production in mid-2019. "This expanded CIP effort is expected to result in $230M in annual savings once complete, inclusive of the $145M from the first phase of CIP," said Drake. "Given the dynamic nature of this industry, strategic business decisions such as these, while difficult, are critical to establishing a solid course for our future." At the company's Sacramento site, defense-related program management, engineering and related support positions will be moved to the company's Huntsville, Alabama facilities, home of Aerojet Rocketdyne's Defense headquarters and Rocket Shop? Defense Advanced Programs, by the end of 2018. The majority of the remaining programs and support positions will be relocated to the company's Space headquarters at its Los Angeles, California, site. Between now and the end of 2019, the company will complete its manufacturing commitments in Sacramento, and the site will become the Shared Services Center of Excellence. In total, approximately 1,100 of the existing 1,400 positions in Sacramento are expected to be relocated or eliminated. The company plans to close its Gainesville, Virginia facility in the third quarter of 2018. Approximately 170 positions there will be relocated or eliminated with relocations planned to Huntsville and the company's facility in Orange County, Virginia. To accommodate the company's consolidations, overall growth plans for Huntsville include the addition of approximately 800 jobs to support America's space and defense needs for the next quarter century and beyond. "We believe these actions are essential for the performance of our business and the growth of the company. The results from this initiative will benefit our valued employees, customers and shareholders alike," said Drake.

AJRD Aerojet Rocketdyne
$21.75

0.25 (1.16%)

01/19/17
RHCO
01/19/17
INITIATION
RHCO
Buy
Aerojet Rocketdyne initiated with a Buy at SunTrust
SunTrust analyst Michael Ciarmoli started coverage of Aerojet Rocketdyne with a $23 price target and a Buy rating.
03/31/17
JEFF
03/31/17
INITIATION
Target $28
JEFF
Buy
Aerojet Rocketdyne initiated with a Buy at Jefferies
Jefferies analyst Greg Konrad started Aerojet Rocketdyne with a Buy rating and $28 price target. The analyst believes the company's core technologies can be leveraged to win new space and defense programs.
04/05/17
RHCO
04/05/17
NO CHANGE
RHCO
Defense stocks likely to be weak in short-term, says SunTrust
SunTrust analyst Michael Ciarmoli says that "ongoing discord" in Washington, including animus over the confirmation of Judge Gorsuch, will cause defense stocks to undergo "short-term selling pressure and multiple compression." The analyst says that the conflict between the parties and clashes over the budget could derail the Trump Administration's defense spending goals. Additionally, he says that a lack of funds could force Congress to cut the funds appropriated to some defense programs. Nevertheless, the analyst is upbeat on the sector over the longer tyerm ,citing the need to update aging equipment and elevated threat levels. He thinks that any short-term weakness should be viewed by longer term investors as a buying opportunity. The analyst keeps Buy ratings on Aerojet Rocketdyne (AJRD), BWX Technologies (BWXT), Kratos Defense (KTOS), Mercury Systems (MRCY), and Orbital ATK (OA),

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CDK

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LQD

iShares iBoxx $ Investment Grade Corporate Bond

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WEX

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