GenCorp to Reacquire Full Control of Aerojet
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.
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