Posted: Tue, Mar 10, 2015, 8:24 AM ET (1224 GMT)
Space propulsion company Aerojet Rocketdyne will cut about 10 percent of its current workforce over the next four years as part of a corporate restructuring, the company announced Monday. Its "Competitive Improvement Program" will reduce the size of its workforce, currently in excess of 5,000 employees, by about 10 percent. Many of those cuts will be concentrated on the company's headquarters near Sacramento, California. The company also plans to consolidate office space and relocating some manufacturing work. Aerojet's parent company, GenCorp, also announced Monday that it will rename itself Aerojet Rocketdyne Holdings, Inc.; Aerojet Rocketdyne accounts for the vast majority of GenCorp's overall revenues.

Related Links:

•  Sacramento Bee article
•  KXTV Sacramento article
•  Sacramento Business Journal article
•  Aerojet Rocketdyne press release