GenCorp Completes Sale of GDX Automotive Business

SACRAMENTO, Calif., Aug. 31, 2004 -- GenCorp Inc. 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.