GenCorp's (GY +0.3%) subsidiary Aerojet Rocketdyne has announced a new contract from the Wright-Patterson Air Force Base for large-scale 3D printing development and demonstration.
The contract will secure multiple large laser melting machines to develop liquid rocket engine applications for national security space launch services.
"We have developed and successfully demonstrated additive-manufactured hardware over the last four years but the machines have been limited in size to 10-inch cubes," says VP Steve Bouley. "These next generation systems are about six times larger, enabling more options for our rocket engine components."
The program is expected to replace the need for castings, forgings, plating, machining, brazing and welding due to the larger additive manufacturing machines.
GenCorp (GY -0.4%) subsidiary Aerojet Rocketdyne says that it successfully conducted its Throttling Divert and Attitude Control System Critical Design Review for the Standard Missile-3 Block IIA guided missile program.
The SM-3 program is managed by the Missile Defense Agency with Raytheon Missile Systems (RTN -0.4%) as the prime contractor.
The SM-3 Block IIA TDACS is being developed at Aerojet Rocketdyne's Sacramento facility, where the SM-3 Block IB TDACS also is produced.
SM-3 Block IIA guided missile is being developed in cooperation with Japan's Ministry of Defense, and uses hit-to-kill technology to destroy targets. It's designed to engage threat ballistic missiles outside of the Earth's atmosphere during the mid-course phase of an incoming missile.
Paris Air Show: Gencorp's (GY +4.5%) Aerojet Rocketdyne unit says it's expanded an accord with Russian Experimental Design Bureau Fakel, obtaining the right to market and sell the Russian company's low-power Hall thrusters in the U.S. market. No financial details were given.
GenCorp (GY +3.7%) trades up today after Oppenheimer intiated the shares with an Outperform and a $20 price target this morning. Oppenheimer says the stock has one of the more favorable growth profiles in the defense industry, and with an impressive 2014E 24% FCF yield ex-land, a highly valued land bank and a company-transforming acquisition about to close, it's attractive at current levels.
Aerojet, a GenCorp (GY) company, gets a green propulsion technology demonstration mission contract for NASA's Space Technology Program. Aerojet will demonstrate a reduced toxicity monopropellant blend that offers better performance and simplified handling processes over hydrazine, the traditional propellant choice for spacecraft.
GenCorp (GY) and United Technologies (UTX) have received requests for additional information from the FTC in connection with GY's proposed acquisition of the Rocketdyne division of UTX. The requests extend the waiting period during which the parties may not close the acquisition until 30 days after both companies have complied with the requests. GY now expects to close the acquisition in H113.
Brookfield Residential (BRP +5.3%) shoots higher after a positive presentation from Mick McGuire at the Value Investing Congress. BRP boasts 30 years' worth of undervalued property, says Marcato Capital's McGuire; he also likes Alexander & Baldwin (ALEX -2.4%) and GenCorp (GY +3.4%) on the basis of their undervalued real estate assets.
United Tech (UTX -1%) agrees to sell its Rocketdyne unit to GenCorp (GY) for $$550M as United Tech works to sell non-core units and focuses on closing its $16.5B Goodrich acquisition. United Tech will use the money from the sale to repay some of the debt it took to buy Goodrich. (PR)
United Technologies (UTX) is in final discussions to sell its Rocketdyne business to Gencorp (GY), sources say, as United Tech works to divest non-core units and focuses on closing its Goodrich acquisition. A deal could be finalized late this week or early next.
GenCorp Inc is a manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the re-zoning, entitlement, sale, and leasing of its excess real estate assets.