Aerojet is hiring 300 new employees at its Rancho Cordova headquarters, the Sacramento Business Journal reports. The company has several new contracts for Navy and Air Force weapons systems, satellite launch vehicles, space propulsion, and space exploration.

"That type of action by a major employer in the region is great news. I would hope it is a sign of things to come," said Meg Arnold, CEO of the Sacramento Area Regional Technology Alliance.

Aerojet is currently hiring engineers, chemists, machinists, tool engineers, and support staff. The company is a branch of GenCorp., which also has headquarters in Rancho Cordova. Aerojet currently has 1,800 employees in the city.