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Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) is a renowned aerospace and defense company headquartered in El Segundo, California. The company is organized into two primary segments: Aerospace and Defense, and Real Estate.
The Aerospace and Defense segment designs, develops, manufactures, and sells advanced propulsion systems and energetics for space, missile defense, strategic, tactical systems, and more. This segment serves key clients like the U.S. Department of Defense, NASA, and major aerospace contractors. Their offerings include liquid and solid rocket propulsion systems, hypersonic engines, and electric power systems used in various applications such as space exploration, national defense, and commercial ventures. Notable products include the RL10 upper-stage rocket engines, which have been pivotal in space missions for nearly six decades, and have recently been showcased at prominent Florida attractions to inspire future generations of scientists.
The Real Estate segment focuses on re-zoning, entitlement, sale, and leasing of the company’s excess land assets. They own approximately 11,394 acres of land adjacent to U.S. Highway 50 between Rancho Cordova and Folsom, California.
In recent developments, Aerojet Rocketdyne has secured numerous contracts and achieved significant milestones. This includes a $67 million contract from Lockheed Martin for NASA’s Artemis Missions VI-VIII, emphasizing their role in deep space exploration. They were also awarded a $75 million contract to supply M829A4 120mm Kinetic Energy round components for the U.S. Army’s Abrams Main Battle Tank. Furthermore, they reported a record first-quarter sales of $566 million for 2023, marking an 11% increase year-over-year.
Aerojet Rocketdyne is actively involved in developing next-generation defense and space technologies. They recently completed a certification test series for the RS-25 production engines, integral to NASA’s Artemis missions, and successfully tested the Zeus 1 Large Solid Rocket Motor for Kratos, showcasing their innovative propulsion capabilities.
Financially, Aerojet Rocketdyne maintains a robust position with a backlog valued at $6.8 billion and ongoing strategic investments like the $216 million cooperative agreement with the Department of Defense to enhance propulsion manufacturing facilities.
With a commitment to excellence, Aerojet Rocketdyne continues to play a crucial role in advancing aerospace and defense technologies, fostering long-term growth, and contributing significantly to national and international defense capabilities.
Aerojet Rocketdyne (NYSE: AJRD) has announced a special stockholder meeting set for June 30, 2022, following overwhelming support to elect a new board of directors. The Committee For Aerojet Rocketdyne Shareholders and Value Maximization, led by CEO Eileen P. Drake, reported over 42% of outstanding shares have consented to the meeting, significantly surpassing the 25% required. The communication emphasizes shareholder democracy, opposing control by Steel Partners and Warren Lichtenstein. The record date for shareholders is May 31, 2022.
Egan Jones has joined ISS and Glass Lewis in recommending Aerojet Rocketdyne (NYSE: AJRD) stockholders to consent to a special meeting requested by the Committee For Aerojet Rocketdyne Shareholders and Value Maximization. This marks the third independent proxy advisory firm to support the Committee's efforts. Stockholders seeking assistance with the Agent Designation can contact D.F. King & Co. for help. This communication is separate from Aerojet Rocketdyne's official resources, and no company resources were utilized.
The Committee for Aerojet Rocketdyne Shareholders and Value Maximization, led by CEO Eileen P. Drake, has filed a definitive solicitation statement to call a special stockholders' meeting. Scheduled for June, this meeting aims to enable stockholders to vote on the Board of Directors, following a year without a meeting since May 5, 2021. The Committee urges stockholders to submit agent designations promptly due to ongoing delays from Executive Chairman Warren Lichtenstein regarding a fixed meeting date.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) faces allegations against CEO Eileen Drake regarding the misappropriation of corporate resources and violations of a court's Temporary Restraining Order. Executive Chairman Warren Lichtenstein, owning 5.5% of shares, criticizes Drake's leadership and suggests her replacement with Mark Tucker, citing a need for integrity and strategic direction. The trial starts in the Delaware Court of Chancery, and Lichtenstein urges shareholders to receive this information before voting on director elections. For more details, visit www.SaveAerojet.com.
Aerojet Rocketdyne's Executive Chairman, Warren Lichtenstein, has announced a proposal to appoint Mark Tucker as the new CEO if elected by shareholders. Tucker, a former COO of Aerojet Rocketdyne, brings over 35 years of experience in the aerospace industry. Lichtenstein highlights Tucker’s track record of value creation during his previous tenure and his commitment to enhancing operational stability and financial performance. Lichtenstein, who owns about 5.5% of the company's shares, emphasizes the need for a capable management team to reinvigorate the company’s culture and financial health.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) announced results from a Non-Management Committee investigation, concluding that Executive Chairman Warren Lichtenstein acted lawfully and upheld his fiduciary duties. The investigation, initiated by CEO Eileen Drake, found no merit in allegations against Lichtenstein, indicating that accusations made by Drake were unfounded. Lichtenstein, who owns 5.2% of the company, emphasized his focus on shareholder interests, particularly regarding the Lockheed Martin Corporation transaction, asserting that his actions were in line with company policies.
Aerojet Rocketdyne's independent investigation found Executive Chairman Warren Lichtenstein engaged in misconduct, resulting in a formal reprimand. The report cited unauthorized communications regarding management changes and a pattern of behavior aiming to undermine CEO Eileen Drake, including attempts to sabotage a transaction with Lockheed Martin. The investigation, prompted by allegations in 2021, revealed Lichtenstein's efforts to alter board control despite opposition. CEO Drake continues to focus on maximizing shareholder value amidst these distractions.
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) has released a memorandum from its Non-Management Committee summarizing the findings of an internal investigation. The report details specific outcomes pertinent to the company's operations, though specific results were not disclosed in the press release. Investors can access the full memorandum through the provided link. The company, based in El Segundo, California, specializes in aerospace and defense products, along with a real estate segment related to their excess assets.
Aerojet Rocketdyne's Executive Chairman Warren Lichtenstein emphasizes the importance of scheduling the 2022 Annual Meeting of Stockholders on
Aerojet Rocketdyne Holdings, Inc. (NYSE: AJRD) Executive Chairman Warren Lichtenstein criticized Eileen Drake's request for a Special Meeting of Stockholders, labeling it a self-serving maneuver. Lichtenstein asserts that Drake lacks the credibility and vision to maximize shareholder value, arguing her campaign is a distraction from the leadership contest. He emphasized the importance of allowing shareholders to review evidence from an ongoing trial regarding Drake's misuse of corporate resources before making decisions about her role as CEO. Lichtenstein's slate proposes detailed plans for company value enhancement.
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