GenCorp Inc. announced today that its Aerojet-General subsidiary (Aerojet) has completed the sale of the former Atlantic Research Corporation (ARC) in-space propulsion business to American Pacific Corporation for $3.5 million in cash and the assumption of certain liabilities.
In October 2003, Aerojet acquired the ARC propulsion business. As a condition to the Federal Trade Commission's approval of that transaction, Aerojet was directed to divest ARC's in-space segment. Aerojet's Redmond-based in-space business is not affected by the sale to American Pacific Corporation.
GenCorp is a technology-based manufacturer with positions in the aerospace and defense, real estate and pharmaceutical fine chemicals industries. Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, and defense and armaments markets. Additional information about GenCorp and Aerojet can be obtained by visiting the Companies' web sites at http://www.GenCorp.com and http://www.Aerojet.com .