SACRAMENTO, CA — GenCorp said today it has completed the sale of its GDX Automotive business (GDX) to Cerberus Capital Management, L.P., a New York-based investment firm. GenCorp will receive $147 million in cash from the transaction, on a debt-free cash-free basis.
“The sale of GDX represents a major step in GenCorp’s efforts to focus the company’s resources in our Aerospace and Defense and Real Estate operations, where we believe we can achieve higher returns and growth,” said Terry Hall, chairman, president and CEO of GenCorp.
GenCorp classified GDX as a discontinued operation as of the second quarter of 2004, recording a one-time charge in that quarter of $261 million to reflect the estimated disposition value.
Deutsche Bank Securities Inc. acted as a financial advisor to GenCorp on the transaction.
For more information, visit: www.GenCorp.com.
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