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GenCorp CFO Accepts New Position at Litton

4 February 1999

GenCorp CFO Accepts New Position at Litton; Michael Hicks Appointed Acting GenCorp CFO

    FAIRLAWN, Ohio, Feb. 4 -- GenCorp today announced
that Chief Financial Officer D. Michael Steuert is resigning effective
February 12, to accept a position as Senior Vice President and Chief Financial
Officer at Litton Industries.  The Company has appointed Michael E. Hicks,
Treasurer and Director of Investor Relations, acting Chief Financial Officer.
    "While Mr. Steuert's contribution to GenCorp has been significant, this is
an excellent career opportunity for him with a larger company.  Also, this is
an opportune time for such a transition, given GenCorp's recent decision to
separate its businesses into two more focused companies by spinning off its
Performance Chemicals and Decorative & Building Products business units, "
said Chairman and CEO John Yasinsky.
    Yasinsky went on to say, "We expect a very smooth transition based on the
20 years of solid experience Mr. Hicks brings to this position.  He has
established excellent relationships with the financial community."
    In a related move, GenCorp also announced today that Mr. Steuert has been
nominated by its Board of Directors to be elected a Director for the
Corporation at its annual shareholder meeting on March 31, 1999.  "This move
will provide important continuity with the activities Mr. Steuert has been
involved in with the spin-off plan and the creation of two new independent
companies," Yasinsky said.  "His strong experience and knowledge of GenCorp's
businesses will also be an asset," he added.
    Yasinsky said that GenCorp's plan for a spin-off remains on target and is
progressing according to schedule, and that the rationale for such a plan
remains very strong.  The Company is in the process of finalizing for
submission to the IRS its request for a tax-free ruling.  Shareholders will
receive additional information discussing the details of the two new companies
prior to a special shareholder meeting that will be scheduled later this year
for shareholder approval of the spin-off plan.  In addition to shareholder
approval, the plan is also subject to the receipt of a favorable ruling from
the IRS, as well as market conditions at the time of the spin-off.
    GenCorp announced the spin-off plan on December 17, 1998.  Under the plan,
Performance Chemicals and Decorative & Building Products would operate as a
separately traded public company, independent from GenCorp.  Following the
spin-off, GenCorp would continue to operate its aerospace, defense and fine
chemicals segment, Aerojet, and the automotive Vehicle Sealing business.
Under the spin-off plan, all shares of the new polymer products company will
be distributed to GenCorp shareholders.
    GenCorp believes that the spin-off will benefit both companies, as well as
shareholders.  The separation into two individual companies, with independent
management and efficient corporate structures is a step that will enable both
companies to increase focus on their key core businesses.  Operating
independently will allow GenCorp and the new company to be more cost
effective, better tailor capital investments and resources to particular
business needs and requirements, enhance competitiveness in their separately
served markets, and more aggressively pursue their own growth strategies.
    With $1.7 billion in sales in 1998, GenCorp is a technology based
manufacturer with leading positions in numerous polymer product markets, as
well as the automotive, aerospace, defense and fine chemical industries.