Northrop Grumman Completes Acquisition of Aerojet-General’s Electronics Group; Creates New $400 Million Space Systems Division

Northrop Grumman Corporation
announced today that it has completed the acquisition of the
Electronics and Information Systems (EIS) Group of Aerojet-General Corporation
for $315 million in cash after securing necessary regulatory approvals.
Aerojet-General is a wholly-owned subsidiary of GenCorp Inc.

The EIS business unit provides space-borne sensing for early warning
systems, weather and ground systems that process C4ISR data from space-based
platforms, and smart weapons technology for high-priority U.S. government
national security programs.
This unit had 2000 revenues of $323 million and
has approximately 1,200 employees.

This operation is now part of Northrop Grumman’s Electronic Systems
sector’s newly formed Space Systems Division, with approximately
1,600 employees and more than $400 million in annual revenues.
The new
division includes several ongoing space-based programs such as Space-Based
Infrared Systems (SBIRS) High and SBIRS Low Defense Support Program, the
Defense Meteorological Satellite Program and the National Polar Orbiting
Operational Environmental Satellite System.

“This acquisition significantly enhances Northrop Grumman’s capabilities
in space-based systems and missile defense systems,” said Robert P. Iorizzo,
corporate vice president and president of the company’s Electronic Systems
sector.
“The EIS business complements our cyberspace and information warfare
efforts, sharpens our focus on advanced battlefield management and strengthens
our company’s capabilities in the growing space arena.”

Carl Fischer, former president of Aerojet-General, has been named vice
president and general manager of the new Space Systems Division, reporting to
Mr. Iorizzo.
Based in Baltimore, the new division also has facilities in
Azusa, Calif.; Bethpage, N.Y.; Boulder, Colo.; and Colorado Springs, Colo.

Northrop Grumman Corporation is a $15 billion, global aerospace and
defense company with its worldwide headquarters in Los Angeles.
Northrop
Grumman provides technologically advanced, innovative products, services and
solutions in defense and commercial electronics, systems integration,
information technology and non-nuclear shipbuilding and systems.
With
80,000 employees and operations in 44 states and 25 countries, Northrop
Grumman serves U.S. and international military, government and commercial
customers.