Welcome to our dedicated page for Aerojet Rocketdyne Holdings, In news (Ticker: AJRD), a resource for investors and traders seeking the latest updates and insights on Aerojet Rocketdyne Holdings, In stock.
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) announced the filing of preliminary solicitation materials with the SEC to hold a special meeting for shareholders on June 21, 2022. This meeting aims to elect a new board of directors. The move follows previous delays in the annual meeting and includes Executive Chairman Warren Lichtenstein's intention to acquire up to $1 billion in company voting securities. Shareholders can access the preliminary proxy statement at MaximizeAJRDvalue.com.
Aerojet Rocketdyne Holdings (NYSE: AJRD) announced a solicitation of consents to hold a special meeting on June 21, 2022, to elect a new Board of Directors. This step aims to address the ongoing refusal by Executive Chairman Warren Lichtenstein to set a date for the 2022 annual meeting. The committee expresses concern over Lichtenstein's recent filing to acquire up to $1.0098 billion in shares, potentially granting him over 30% ownership, which could grant him controlling influence over the company without a premium. The committee aims to enhance stockholder value by forming an independent board.
Aerojet Rocketdyne has been awarded the largest RL10 contract in history by United Launch Alliance (ULA) for 116 RL10C-X engines, designed to support the launch of Amazon's Kuiper satellite constellation. The RL10C-X, featuring 3D-printed components, boasts a specific impulse of 461 seconds, enhancing efficiency and performance. This contract solidifies Aerojet's position in the aerospace sector and highlights the RL10's status as a premier upper-stage engine.
Aerojet Rocketdyne announced the successful flight test of its scramjet engine as part of the Hypersonic Air-breathing Weapon Concept (HAWC) program, collaborating with DARPA, the Air Force Research Laboratory, and Lockheed Martin. This initiative aims to develop cost-effective hypersonic cruise missile technologies. The company emphasizes its advancements in additive manufacturing, reducing parts in scramjet engines by 95%, enhancing performance, affordability, and scalability for hypersonic applications.
The recent collaboration between DARPA, AFRL, Lockheed Martin (LMT), and Aerojet Rocketdyne (AJRD) successfully flight-tested the Hypersonic Air-breathing Weapon Concept (HAWC), achieving speeds over Mach 5 and altitudes exceeding 65,000 feet. This historic milestone showcases the potential of air-breathing hypersonic systems as effective responses to emerging security threats. Lockheed Martin's commitment to leveraging advanced technology and partnerships highlights its role in advancing hypersonic capabilities for U.S. defense.
Aerojet Rocketdyne CEO Eileen P. Drake has been named the 2022 Woman of the Year by THE MUSES of the California Science Center Foundation. This award acknowledges her contributions to STEM and her leadership in the aerospace industry. Drake expressed her honor and emphasized the importance of inspiring youth in STEM fields. The award ceremony will take place on April 1, 2022, marking the 60th anniversary of THE MUSES. The event aims to raise funds for science education programs to support underserved children in Los Angeles.
Steel Partners Holdings L.P. announced that the Delaware Court of Chancery ruled in its favor regarding claims against CEO Eileen Drake and several directors of Aerojet Rocketdyne (AJRD). The court rejected an attempt to dismiss Steel's claims and agreed that Drake's team violated a temporary restraining order. Additionally, the court ruled against conducting the election without board consent. Steel Partners, owning approximately 5.2% of AJRD, aims to advocate for its seven nominated board candidates in the upcoming 2022 Annual Meeting of Shareholders.
Steel Partners Holdings, a significant shareholder of Aerojet Rocketdyne (NYSE: AJRD) with approximately 5.2% ownership, announced its nomination of seven director candidates for the upcoming 2022 Annual Meeting of Shareholders. Steel Partners criticized current management, led by CEO Eileen Drake, for inadequate planning surrounding the failed Lockheed Martin transaction. They emphasized their commitment to increasing shareholder value, targeting EBITDA margins of 16% to 18% by 2024 and a potential standalone share price of $65 in the next three years, while also planning capital structure optimizations and addressing operational inefficiencies.
Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) announced its participation in the J.P. Morgan Industrials Conference on March 16, 2022. Chief Financial Officer Dan Boehle will present at 8 a.m. EDT / 5 a.m. PDT. Interested parties can access a live webcast of the presentation via the company's website, where it will be archived for 30 days and a transcript will be available. Aerojet Rocketdyne, based in El Segundo, California, specializes in aerospace and defense products and systems, with additional activities related to its real estate assets.
FAQ
What is the market cap of Aerojet Rocketdyne Holdings, In (AJRD)?
What does Aerojet Rocketdyne Holdings, Inc. do?
What are the main segments of Aerojet Rocketdyne's operations?
Who are Aerojet Rocketdyne's key clients?
What recent contracts has Aerojet Rocketdyne secured?
What are some of Aerojet Rocketdyne's notable products?
What recent financial performance has Aerojet Rocketdyne reported?
What is the significance of Aerojet Rocketdyne's backlog?
What recognition has Aerojet Rocketdyne received recently?
What role does Aerojet Rocketdyne play in space exploration?
What are Aerojet Rocketdyne's plans for future innovations?
