<PAGE> 1
EXHIBIT 99.1
[GENCORP LOGO]
Rosemary B. Younts
Sr. VP, Communications
(916) 351-8650
(916) 804-7820
NEWS RELEASE
Terry Hall
Sr. VP, CFO
(202)828-6800
FOR IMMEDIATE RELEASE
---------------------
AEROJET, PRATT & WHITNEY END
----------------------------
PROPULSION JOINT VENTURE DISCUSSIONS
------------------------------------
SACRAMENTO, CA, NOVEMBER 10, 2000 - GenCorp (NYSE: GY) today announced
that its aerospace and defense segment, Aerojet, and Pratt & Whitney, a unit of
United Technologies Corporation, have ended negotiations to form a new joint
venture space propulsion company. Under the previously announced proposal,
Aerojet's propulsion programs would have moved from Sacramento to facilities
operated by Pratt & Whitney as majority owner.
"After completing a detailed evaluation of this complex transaction,
both companies have mutually concluded that we can not achieve the cost benefits
required for shareholders and customers," said GenCorp Chairman and CEO Bob
Wolfe. "Aerojet and Pratt & Whitney will continue to explore opportunities for
cooperation on selected programs."
"GenCorp continues to believe that consolidation is necessary in the
propulsion industry. We will continue our efforts to be a leading participant,
working on other more attractive and preferable alternatives, including
acquisitions that complement our existing core competencies and propulsion
business base, or that move us into related markets - whichever add the greatest
value to shareholders," Wolfe added.
Continued operation or growth of the propulsion business in Sacramento
does not impact the Company's strategy to carve out and develop significant
portions of property that have never been used for operations. "The development
plans for property in Sacramento, which will contribute significantly to the
economic vitality of this region, remain a top GenCorp priority," Wolfe said.
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.
