GenCorp completes sale of fine chemicals business

Published: 1-Dec-2005

GenCorp, a technology-based manufacturer of aerospace and defence products and systems, headquartered in Sacramento, California, US, has completed the sale of its Aerojet Fine Chemicals (AFC) business to American Pacific Corporation (AMPAC).


GenCorp, a technology-based manufacturer of aerospace and defence products and systems, headquartered in Sacramento, California, US, has completed the sale of its Aerojet Fine Chemicals (AFC) business to American Pacific Corporation (AMPAC).

The $119m deal, initially announced on 13 July, consists of $100m of cash, a seller note of $19 m and 'the assumption of certain liabilities'. GenCorp is expected to use proceeds from the sale in the reduction of debts and 'other corporate purposes'.

Founded in 1942, AFC is a space and defence contractor specialising in missile and space propulsion, defense and armaments. It has produced precision tactical weapon systems and armament systems, including warhead and munitions applications, and claims to be 'the second leading provider in both the solid and liquid propulsion market areas, as well as the number one provider in the tactical segment area of solid propulsion'.

'The sale of AFC is a key step in completing our transformation into a more focused and streamlined company,' said Terry Hall, chairman of the Board, president and ceo, GenCorp. 'We are confident that under AMPAC's ownership AFC will continue its reputation as a leading, high-quality manufacturer of fine chemicals.'

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