Aerojet Completes Sale of the Former Atlantic Research Corporation In-Space Propulsion Business

GenCorp Inc.
announced today that its Aerojet-General subsidiary (Aerojet) has
completed the sale of the former Atlantic Research Corporation (ARC) in-space
propulsion business to American Pacific Corporation for $3.5 million in cash
and the assumption of certain liabilities.

In October 2003, Aerojet acquired the ARC propulsion business. As a
condition to the Federal Trade Commission’s approval of that transaction,
Aerojet was directed to divest ARC’s in-space segment. Aerojet’s Redmond-based
in-space business is not affected by the sale to American Pacific Corporation.

GenCorp is a technology-based manufacturer with positions in the aerospace
and defense, real estate and pharmaceutical fine chemicals industries.
Aerojet is a world-recognized aerospace and defense leader principally serving
the missile and space propulsion, and defense and armaments markets.
Additional information about GenCorp and Aerojet can be obtained by visiting
the Companies’ web sites at http://www.GenCorp.com and
http://www.Aerojet.com .