GenCorp to Reacquire Full Control of Aerojet
Bloomberg News
GenCorp Inc., which makes aerospace supplies and chemicals, agreed to regain ownership of Aerojet Fine Chemicals from closely held NextPharma Technologies and expects $1 million in costs for the purchase.
Rancho Cordova, Calif.-based GenCorp, said it will pay $13 million in cash and return its stake in NextPharma for the 40% of Sacramento-based Aerojet it doesn’t already own.
NextPharma, which makes pharmaceuticals, acquired its stake in Aerojet Fine Chemicals in June 2000. GenCorp acquired about 35% of NextPharma in that transaction.
Shares of GenCorp rose 28 cents to $12.58 on the New York Stock Exchange.