Abstract
WHEN JOSEPH CARLEONE moved from GenCorp's aerospace division to become president of the company's Aerojet Fine Chemicals unit in September 2000, he was charged with pulling a business on its way to a $14 million loss for the year out of its tailspin. Following a reorganization and downsizing—and another $14 million operating loss in 2001—he vowed 2002 would see a turnaround. Carleone made good on that promise. Aerojet Fine Chemicals exceeded its target of 20% sales growth, reaching $52 million last year—a 37% increase. Operating profit for the year hit $3 million. With two new projects nearing completion and the prospect of two or three new contracts this year, Carleone anticipates sales hitting $58 million this year and $70 million in 2004. The question remains whether growth can be sustained. Carleone concedes that Aerojet's business, pharmaceutical contract manufacturing, is, by nature, lumpy. Success hinges on a handful of large contracts that need to be followed ...
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