SACRAMENTO, Calif., April 7, 2008 /PRNewswire-FirstCall/ -- GenCorp
Inc. (NYSE: GY) announced today that it sold 400 acres of its Rio Del Oro
property to Elliott Homes Inc. (Elliott) for a cash price of $10 million.
The land sale was the result of an option granted to Elliott as part of a
2001 land transaction. The option to purchase the 400 acres was required to
be exercised within 60 days after the environmental order was lifted from
the property and a separate legal parcel was created. Under the terms of
the Company's senior credit facility, the Company was required to use 50%
of the net sale proceeds, or approximately $5 million, to repay outstanding
principal on the Company's term loan.
About GenCorp
GenCorp is a leading technology-based manufacturer of aerospace and
defense products and systems with a real estate segment that includes
activities related to the entitlement, sale and leasing of the Company's
excess real estate assets. Additional information about the Company can be
obtained by visiting the Company's web site at http://www.GenCorp.com.
SOURCE GenCorp Inc.
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Related links:
http://www.GenCorp.com
CONTACT:
Investors, Yasmin Seyal, senior vice
president and chief financial officer, +1-916-351-8585, or Media,
Linda Cutler, vice president, corporate communications,
+1-916-351-8650, both of GenCorp Inc.
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