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GenCorp to Acquire Morton's Global Latex Floor Care Business

22 April 1999

GenCorp to Acquire Morton's Global Latex Floor Care Business

    FAIRLAWN, Ohio, April 22 -- GenCorp announced
today that it has signed a definitive agreement to purchase Morton
International Inc.'s global latex floor care business, a strategic move that
provides a new and highly complementary product line and customer base, along
with significant product and process technology for its Performance Chemicals
division.  Terms of the purchase were not disclosed; however, the Company did
say that the timing and nature of the acquisition are strategically aligned
with recent acquisitions including Sequa's specialty chemicals business, with
plants in Chester, South Carolina and Greensboro, North Carolina, and
PolymerLatex's U.S. acrylics business located in Fitchburg, Massachusetts.
    GenCorp expects to transition the Morton business over the next several
months and produce the new products at the Fitchburg, Chester and Greensboro
facilities.  Products include styrene acrylic polymers, wax emulsions and
related additives that are very similar to products currently made at these
facilities and sold in coatings, textiles and graphic arts markets.  Raw
materials and manufacturing processes required for the Morton products are the
same as those used in Fitchburg, Chester and Greensboro.
    "These synergies and others, as well as the opportunity this new product
line provides to expand our presence in Europe, Latin America and Asia, make
this acquisition an attractive and strategic extension of business for
Performance Chemicals," said Marv Zima, President.  "The division can also
expect cost savings by taking advantage of existing available capacity and
support infrastructure, and from raw material purchasing synergies," he said.
    Performance Chemicals is a leading producer of high quality engineered
polymers and chemicals used in coatings, binders, adhesives, and additives for
paper, carpet, textile, nonwoven and various specialty industries.  The
division has experienced excellent growth over the past several years, with a
sales increase of 25% and operating profit increase of 60% in 1998 alone.
Three significant acquisitions in 1998 -- Goodyear's Calhoun, GA latex
business, along with the Sequa and PolymerLatex purchases -- have strengthened
existing market position and moved the division into new related markets with
enhanced global opportunity.
    GenCorp on December 17, announced its intention to spin off Performance
Chemicals, along with its Decorative & Building Products business as a
separately traded public company, and expects this plan to be completed in the
second half of 1999.
    GenCorp is a $1.7 billion technology-based manufacturer with leading
positions in numerous markets served by its Performance Chemicals, Decorative
& Building Products and Vehicle Sealing businesses, and its aerospace and
defense segment, Aerojet.