GenCorp in Negotiations to Sell Its GDX Automotive Segment - aftermarketNews

GenCorp in Negotiations to Sell Its GDX Automotive Segment

Technology-based manufacturer GenCorp is currently in negotiations to sell its GDX Automotive business. GenCorp did not provide any details about the negotiations and noted that the discussions may not be successful. GenCorp has decided to classify the GDX Automotive segment as a discontinued operation as of the second quarter of 2004. The company will record in that quarter a one-time pre-tax charge of between $250 and $300 million, to adjust the carrying value of the segment to reflect the estimated disposition value.

SACRAMENTO, CA — Technology-based manufacturer GenCorp is currently in negotiations to sell its GDX Automotive business. GenCorp did not provide any details about the negotiations and noted that the discussions may not be successful.

In conjunction with this announcement, the company has rescheduled its fiscal 2004 second quarter earnings release and conference call until Thursday, July 15 from the previously scheduled date of Monday, July 12.

GenCorp has decided to classify the GDX Automotive segment as a discontinued operation as of the second quarter of 2004. The company will record in that quarter a one-time pre-tax charge of between $250 and $300 million, to adjust the carrying value of the segment to reflect the estimated disposition value.

For more information about GenCorp, go to: www.GenCorp.com.

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