SACRAMENTO, Calif., Oct 2, 2002 /PRNewswire-FirstCall via COMTEX/ -- GenCorp
Inc. (NYSE: GY) announced that its subsidiary, Aerojet-General Corporation
(Aerojet), has completed the acquisition of the assets of General Dynamics'
Ordnance and Tactical Systems Space Propulsion and Fire Suppression business. At
the request of the parties, the Federal Trade Commission granted an early
termination of its pre-merger review of the transaction under the
Hart-Scott-Rodino statute on Friday, September 26, 2002. The companies completed
the transaction today. Deutsche Bank Securities served as financial advisor to
GenCorp in connection with the transaction.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010108/SFM125LOGO )
The acquisition strengthens Aerojet's position in spacecraft propulsion and
emerging Missile Defense applications, expands the Company's role on the NASA
Space Shuttle Program, and enables expansion into new growth areas such as
electric propulsion.
Located in Redmond, Washington, the acquired business employs about 300 people.
It will continue to operate in Redmond as an integrated component of Aerojet's
operations.
Aerojet, headquartered in Sacramento, California, is a world-recognized
aerospace and defense leader principally serving the missile and space
propulsion, and defense and armaments markets. GenCorp Inc. is a multi-
national, technology-based manufacturer with leading positions in the aerospace
and defense, pharmaceutical and automotive industries. For more information,
please visit http://www.aerojet.com and http://www.gencorp.com .
General Dynamics (NYSE: GD), headquartered in Falls Church, Virginia, employs
approximately 54,000 people worldwide and anticipates 2002 revenue of $14
billion. The company has leading market positions in mission-critical
information systems and technologies, land and amphibious combat systems,
shipbuilding and marine systems, and business aviation. More information about
the company can be found at www.generaldynamics.com.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements in this release
and in subsequent discussions with the Company's management, other than
historical information, may be deemed to be forward-looking statements. A
variety of factors could cause actual results or outcomes to differ materially
from those expected by the Company and expressed in the Company's
forward-looking statements.
Some of these factors include, but are not limited to, the following: general
economic conditions and trends affecting the Company's markets and product
offerings; changes in the short-term and long-term plans of major customers and
potential customers; governmental and regulatory policies, including
environmental regulations, and increases in the amount or timing of
environmental remediation and compliance costs; an unexpected adverse result or
required cash outlay in toxic tort or other environmental or other litigation,
proceeding or investigation pending against the Company; the Company's ability
to secure additional financing as needed; the Company's acquisition, disposition
and joint venture activities; Department of Defense, NASA and other funding for
aerospace and defense programs for which the Company is a supplier or competes
for new business; future funding for commercial launch vehicles and propulsion
systems; restrictions on the Company's operating activities imposed from time to
time by the agreements relating to the indebtedness; the ability of the Company
to satisfy contract performance criteria; the ability of the Company to maintain
a high level of product performance, particularly related to the continued
success of the Company's propulsion systems for launch vehicle platforms; the
Company's mix of fixed price and cost-plus contracts; potential liabilities
which could arise from any release or explosion of dangerous materials; and work
stoppages at a Company facility or in the facility of one of the Company's
significant customers.
These factors are described in more detail in the Company's Annual Report on
Form 10-K for the year ended November 30, 2001 and its other filings with the
Securities and Exchange Commission. Additional risks may be described from time
to time in future filings with the U.S. Securities and Exchange Commission. All
such risk factors are difficult to predict, contain material uncertainties that
may affect actual results, and may be beyond the Company's control.
SOURCE GenCorp Inc.
CONTACT:
Yasmin Seyal, senior vice president and chief financial
officer, +1-916-351-8585, or Linda Beech Cutler, vice president, Corporate
Communications, +1-916-351-8650, both of GenCorp Inc.
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URL:
http://www.generaldynamics.com
http://www.gencorp.com
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