PARIS — Aerojet Rocketdyne looks at SpaceX to its left and Blue Origin to its right and concludes: Freed of our Old Space/defense contractor fetters, many required by legislation, we could be like them.

But it’s a long process, as company Chief Financial Officer Paul R. Lundstrom has been telling investors.

The company is in the middle of a six-year Competitive Improvement Program whose goal is to shed up to $235 million in annual costs — no mean feat for a business with total revenue of $1.8 . . .

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