EX-99.1
5
a2143122zex-99_1.htm
EXHIBIT 99.1
EXHIBIT
99.1
News
Release
Investor Contact:
Yasmin Seyal
senior vice president & chief
financial officer
916-351-8585
Press Contact:
Linda Beech Cutler
vice president, corporate communications
916-351-8650
For Immediate Release
GenCorp
Completes Sale of GDX Automotive Business
SACRAMENTO, CA
-
August 31,
2004 - GenCorp Inc. (NYSE: GY) announced today that it has completed the sale
of its GDX Automotive business (GDX) to Cerberus Capital Management, L.P., a
New York-based investment firm. GenCorp
will receive $147 million in cash from the transaction, on a debt-free
cash-free basis.
"The sale of GDX represents a major step in GenCorp's efforts to focus
the Company's resources in our Aerospace and Defense and Real Estate operations,
where we believe we can achieve higher returns and growth", said Terry Hall,
chairman of the Board, president and chief executive officer of GenCorp.
GenCorp classified GDX as a discontinued operation as of the second
quarter of 2004, recording a one-time charge in that quarter of $261 million to
reflect the estimated disposition value.
Deutsche Bank Securities Inc. acted as a financial advisor to GenCorp
on the transaction.
About GenCorp
GenCorp
is a technology-based manufacturer with positions in the aerospace and defense,
real estate and the pharmaceutical fine chemicals industries. Additional information about GenCorp can be
obtained by visiting the Company's web site at
www.GenCorp.com
.
About Cerberus
Headquartered in New York, Cerberus Capital Management and its
affiliated entities manage funds and accounts with capital in excess of $14
billion.
Forward-Looking Statements
The statements in this press release regarding the sale of the GDX
Automotive business, as well as the Company's plans for its core businesses are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such
forward-looking statements involve risks and uncertainties. In addition, the Company's future plans for
its core businesses are dependent upon the future performance of the core
businesses, opportunities for growth and market conditions generally. Actual results may differ from those
expressed in the forward-looking statements.
# # #
2

EX - 99 . 1 5 a2143122zex - 99 _ 1 . htm EXHIBIT 99 . 1 EXHIBIT 99 . 1 News Release Investor Contact : Yasmin Seyal senior vice president & chief financial officer 916 - 351 - 8585 Press Contact : Linda Beech Cutler vice president , corporate communications 916 - 351 - 8650 For Immediate Release GenCorp Completes Sale of GDX Automotive Business SACRAMENTO , CA - August 31 , 2004 - GenCorp Inc . ( NYSE : GY ) announced today that it has completed the sale of its GDX Automotive business ( GDX ) to Cerberus Capital Management , L . P . , a New York - based investment firm . GenCorp will receive $ 147 million in cash from the transaction , on a debt - free cash - free basis . " The sale of GDX represents a major step in GenCorp 's efforts to focus the Company 's resources in our Aerospace and Defense and Real Estate operations , where we believe we can achieve higher returns and growth " , said Terry Hall , chairman of the Board , president and chief executive officer of GenCorp . GenCorp classified GDX as a discontinued operation as of the second quarter of 2004 , recording a one - time charge in that quarter of $ 261 million to reflect the estimated disposition value . Deutsche Bank Securities Inc . acted as a financial advisor to GenCorp on the transaction . About GenCorp GenCorp is a technology - based manufacturer with positions in the aerospace and defense , real estate and the pharmaceutical fine chemicals industries . Additional information about GenCorp can be obtained by visiting the Company 's web site at www.GenCorp.com . About Cerberus Headquartered in New York , Cerberus Capital Management and its affiliated entities manage funds and accounts with capital in excess of $ 14 billion . Forward - Looking Statements The statements in this press release regarding the sale of the GDX Automotive business , as well as the Company 's plans for its core businesses are forward - looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 . Such forward - looking statements involve risks and uncertainties . In addition , the Company 's future plans for its core businesses are dependent upon the future performance of the core businesses , opportunities for growth and market conditions generally . Actual results may differ from those expressed in the forward - looking statements . # # # 2
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