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GenCorp Reports Additional Details on Financial Benefits of Draftex Aquisition

23 October 2000

GenCorp Reports Additional Details on Financial Benefits of Draftex Aquisition

    SACRAMENTO, Calif., Oct. 23 Following its announcement
late yesterday of an agreement to purchase The Laird Group's International Car
Body Seals Division, Draftex, GenCorp today reported additional details on the
financial benefits of acquiring this global automotive sealing supplier.
    Draftex will bring GenCorp about $415 million in global automotive sealing
sales.  The Company expects Draftex operating margins to be similar to current
margins of about 6.5% at its Vehicle Sealing segment. GenCorp also expects the
acquisition, including related cost synergies, to be accretive by at least
$0.09 per share in 2001.
    The Company also stated that the agreement to acquire Draftex is on a debt
free basis.  At closing, $188 million (244 million euros) is payable, with the
final price subject to certain post-closing adjustments.  The final price will
represent a multiple of approximately four times (4x) expected 2001 EBITDA
(Earnings Before Interest, Taxes, Depreciation and Amortization).  The
purchase will be financed with new debt.
    The acquired business will report to Joseph Gray, GenCorp Vice President
and President of GenCorp Vehicle Sealing.  "We are very excited to add
Draftex, with its complementary customer and platform bases, global
capabilities and relationships, and outstanding people and technologies, to
GenCorp Vehicle Sealing," Gray said.  "Among the numerous benefits Draftex
offers, the acquisition will also enable us to realize important cost
synergies, including the ability to rationalize production capability on both
continents," he said.  GenCorp Vehicle Sealing also expects to take advantage
of cost savings through management consolidation prior to year-end.
    GenCorp was advised on the transaction by Deutsche Bank and
Simmons & Simmons.
    GenCorp is a technology-based manufacturer with leading positions in the
aerospace and defense, pharmaceutical fine chemicals and automotive
industries.  For more information, visit the Company's web site at
http://www.GenCorp.com .