FEBRUARY 15, 2021 — GOOD NEWS OR NOT: LOCKHEED SCRAPS ACQUISITION
Lockheed Martin Corp called off plans to acquire Aerojet Rocketdyne Holdings Inc for $4.4 billion amid opposition from U.S. regulatory agencies citing antitrust issues.
“The Federal Trade Commission sued to block the deal in late January on the grounds that it would allow Lockheed to use its control of Aerojet to hurt other defense contractors. Missile maker Raytheon Technologies was an outspoken opponent of the proposed acquisition.”
APRIL 30, 2019 — COMPANY ANNOUNCES ADDITIONAL LAYOFFS
The company has announced that it will be continuing to downsize in the region and that the layoff will affect 180 workers in Rancho Cordova by June 20, 2019. It is anticipated that an additional 40 workers will be laid off in the near future.
In accordance with a restructuring plan originally announced in April 2017, it was anticipated that 1,100 workers would lose their jobs and manufacturing operations would cease. Any company expansion was to take place in the 17,000 square-foot engineering and manufacturing facility in Camden, Arkansas. Rocket engine manufacturing will be consolidated in a new plant in Huntsville, Alabama.
OCTOBER 17, 2018 — Original post…
According to Lynn Machon, the Director of Corporate Communications, Sacramento, California-based Aerojet Rocketdyne, the iconic aerospace and defense systems manufacturer of rocket propulsion systems will be eliminating 120 positions in its Rancho Cordova, California facility. The company has filed the requisite WARN (Worker Adjustment and Retraining Notification) notice with the State of California.
“This reduction in workforce is part of what we previously announced publicly in April 2017 as a result of a consolidation of our sites across the country. The majority of these positions are related to manufacturing activities that we will no longer be handled at this site. The company will provide the affected employees outplacement assistance and transition support.”
The handwriting was on the wall since 2016 when the announced that it was moving its corporate headquarters from Rancho Cordova, California to El Segundo, California and suggested that a restructuring would eliminate design and manufacturing jobs that would be transferred from Rancho Cordova to other Aerojet Rocketdyne facilities in Huntsville, Alabama and elsewhere. The purpose of relocating the company’s headquarters was to move closer to the company’s major customers and contractors located nearby in Southern California.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?