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GenCorp Board Declares Record and Special Shareholder Meeting Dates

18 June 1999

GenCorp Board Declares Record and Special Shareholder Meeting Dates for Spin-Off

    FAIRLAWN, Ohio, June 17 -- GenCorp announced today
that it has set June 30, 1999 as the record date for shareholders who will be
entitled to receive notice of the special meeting and to vote on the plan to
spin-off its Performance Chemicals and Decorative & Building Products
businesses as a separate publicly traded company.  The Company's Board of
Directors declared the record date in a meeting earlier today, and also set
the special shareholder meeting date for August 18, 1999.
    At the meeting, shareholders will be asked to approve the spin-off plan
and various changes to GenCorp's articles of incorporation and code of
regulations, and also to consider and vote upon new long term incentive plans
for GenCorp and the new company.
    GenCorp is a $1.7 billion dollar 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.