GenCorp is an American technology-based manufacturer based in Rancho Cordova, California. Established in 1915, GenCorp was formerly the General Tire and Rubber Company.
Faced with a hostile takeover attempt, GenCorp shed some of its long-held units in the late 1980s. The company sold RKO General's broadcast properties beginning in 1987, after protracted license renewal proceedings that stemmed from widespread lying to advertisers and regulators. GenCorp also sold its former flagship, General Tire, to German tire maker Continental AG in order to concentrate on Aerojet. In 1999, GenCorp spun off its Decorative & Building Products and Performance Chemicals businesses into a separate, publicly-traded company called OMNOVA Solutions, Inc.
In the mid 1900's, Aerojet-General Corporation acquired approximately 12,600 acres (51 km2) of land in Eastern Sacramento County. Aerojet converted these former gold fields into one of the premier rocket manufacturing and testing facilities in the free world. However, most of this land was used to provide safe buffer zones for Aerojet's testing and manufacturing operations.
Located 15 miles (24 km) northeast of Sacramento along Highway 50, a key growth corridor in the region, approximately 6,000 acres (24 km2) of the Aerojet lands are now being planned as a community called Easton. Easton Development Company LLC was formed to assist in the process.
GenCorp withdrew its over-funded pension during the real estate boom years of 2006 and 2007. The real estate bust caused a underfunding of the pension plan of over $300 million dollars. This caused a freeze of its pension plan on Feb. 1 2009 and an end to 401k match on Jan 15 2009. The move was expected to save the company 29 million a year.
The under funded pension gave the company a negative net worth of -6.88 per share as of 30 November 2009.
GenCorp also is holding $142.80 million in 4% bonds due in 2010 and $147.70 million in bonds due in 2011 that the company expects to have to repurchase, as of the 2008 Annual Report. "In December 2009, the Company issued $200.0 million in aggregate principal amount of 4.0625% convertible subordinated debentures ("4 1/16% Debentures") in a private placement to qualified institutional buyers under the Securities Act of 1933. Issuance of the 4 1/16% Debentures generated net proceeds of approximately $195.0 million, a portion of which were used to repurchase $124.7 million of the 4% Notes in January 2010. The remaining proceeds will be used to redeem a portion of the 9�% senior subordinatednotes ("9�% Notes"); pay accrued interest on the 4% Notes and 9�% Notes; and pay other debt issuance costs. " GenCorp's former CEO J. Scott Neish resigned on Jan. 6 2010. He had been interim CEO from March 2008 (Terry J Hall resigned) head of the Aerojet division since November 2005. The new CEO was placed in as permanent and J. Scott Neish elected to resign from Aerojet. Scott Seymour had been the head of Northrop Grumman Integrated Systems from 2002�2008. GenCorp since 2008 has had significant changes in its Board of Directors and Corporate Officers, per the 2008 Annual Report:
Faced with a hostile takeover attempt, GenCorp shed some of its long-held units in the late 1980s. The company sold RKO General's broadcast properties beginning in 1987, after protracted license renewal proceedings that stemmed from widespread lying to advertisers and regulators. GenCorp also sold its former flagship, General Tire, to German tire maker Continental AG in order to concentrate on Aerojet. In 1999, GenCorp spun off its Decorative & Building Products and Performance Chemicals businesses into a separate, publicly-traded company called OMNOVA Solutions, Inc.
In the mid 1900's, Aerojet-General Corporation acquired approximately 12,600 acres (51 km2) of land in Eastern Sacramento County. Aerojet converted these former gold fields into one of the premier rocket manufacturing and testing facilities in the free world. However, most of this land was used to provide safe buffer zones for Aerojet's testing and manufacturing operations.
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The under funded pension gave the company a negative net worth of -6.88 per share as of 30 November 2009.
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