Gencorp of Akron, Ohio, said it agreed...

Gencorp of Akron, Ohio, said it agreed to sell its bottling business to IC Industries of Chicago for $395.5 million as part of a previously announced restructuring. The business distributes Pepsi-Cola, Dr Pepper and regional drinks to 4 million customers in Indiana, Ohio, Virginia and West Virginia. But before it can sell the bottling operation, Gencorp must overcome objections from Pepsico, which claims it has the right to approve the transaction as the part of its franchise agreement with Gencorp. Gencorp filed suit in federal court seeking a declaratory judgment.