GenCorp Declares Dividend; Elects Two New Directors to Board
18 October 1999
GenCorp Declares Dividend; Elects Two New Directors to Board
SACRAMENTO, Calif., Oct. 18 -- At a special meeting today,
the Board of Directors of GenCorp declared a fourth quarter cash
dividend of $0.03 per share on the issued and outstanding common stock of the
Company, payable November 30, 1999, to shareholders of record on
November 1, 1999. The Board had deferred action on the dividend during a
regularly scheduled meeting earlier on September 10, until after the spin-off
of the Company's Performance Chemicals and Decorative & Building Products
businesses was complete.
The spin-off of these two businesses as a separate publicly traded company
named OMNOVA Solutions Inc., occurred on October 1, 1999. GenCorp continues
to operate its principal aerospace and defense segment, Aerojet, a fast
growing Aerojet Fine Chemicals business serving the pharmaceutical industry,
and its automotive Vehicle Sealing unit.
Also today, GenCorp announced the election of two new Directors to its
Board, former Secretary of the Air Force, Sheila Widnall, and Irving Gutin,
Senior Vice President, Tyco International, LTD.
"We are very pleased to welcome both Dr. Widnall and Mr. Gutin to
GenCorp's board, and look forward to the wealth of experience and insight they
each bring to GenCorp from their respective fields," said Bob Wolfe, Chairman
and CEO. "Dr. Widnall's vast knowledge and background in the military arena,
and Mr. Gutin's expertise in mergers and acquisitions will be invaluable,
particularly as we pursue growth strategies that are focused in large part
within our core aerospace and defense segment," he said.
Dr. Widnall stepped down from her position as Secretary of the Air Force
in 1997 to return to her position as a Professor at the Massachusetts
Institute of Technology (MIT). While Secretary of the Air Force, Dr. Widnall
was responsible for the formulation of policies and programs, budget
decisions, supervision of Air Force intelligence activities, and
recommendations to the Department of Defense for Air Force plans and programs.
Additionally, Dr. Widnall oversaw research and development and other
activities as prescribed by the President and Secretary of Defense, as well as
numerous Department of the Air Force affairs, including recruiting,
training, administration and logistical support.
Previously, Dr. Widnall served as an Associate Provost at MIT, responsible
for academic integrity, including conflict of interest policy, federal
relations, faculty retirement, tenure and international programs. She is
currently a member and the vice president of the National Academy of
Engineering, president-elect of the AIAA, a participant in the Lean Aerospace
Initiative, and a trustee of the Sloan and the Intrepid Foundations. She has
been a trustee of the Carnegie Corporation, the Aerospace Corporation,
director of Draper Laboratories and Chemical Fabrics Incorporated, trustee of
the Boston Museum of Science, and a past president of the American Association
for the Advancement of Science.
Dr. Widnall replaces D. Michael Steuert who resigned from the Board,
citing increasing demands in his current position, and the potential for
future conflicts of interest.
Irving Gutin has headed Tyco's Mergers & Acquisitions group as Senior Vice
President since 1979 when sales were just over $200 million. Tyco is now a
multinational company with sales of over $26 billion, doing business in
80 countries around the world. Mr. Gutin has been involved in a broad range
of transactions, both acquisitions and divestitures, ranging in size from
several hundred thousand dollars to over $11 billion in value. In this role
he has had dealings with most investment banks and major law firms during his
career.
Mr. Gutin holds a Doctor of Laws Degree from Brooklyn School of Law, a
profession he practiced for nearly 20 years. Mr. Gutin was Senior Vice
President of Armin Corporation, prior to its acquisition by Tyco in 1979.
With Bob Wolfe seated as Chairman, GenCorp directors now number seven
following the October 1 spin-off. Other directors include William K. Hall,
Chairman and CEO, Falcon Building Products, Inc.; Gary J. Cooper, former
United States Ambassador to Jamaica and Chairman and CEO, Commonwealth
National Bank; James M. Osterhoff, retired Executive Vice President and CFO,
US WEST, Inc.; and Dr. Robert K. Jaedicke, Professor of Accounting, Graduate
School of Business, Stanford University.
GenCorp is a $1 billion dollars in sales company, operating primarily in
the aerospace and defense, pharmaceutical fine chemicals and automotive
industries.