SACRAMENTO, Calif., Jan. 15 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE: GY) announced the formation of Easton Development Company, LLC ("EDC") to continue the execution of the planning, entitlement, development and value creation activities regarding the excess real estate owned by GenCorp and Aerojet in Sacramento, California.
For the past six years, the Company has been working to create the Easton master plan. Spanning approximately 6,000 acres, Easton is comprised of a series of smaller planning areas known as "boroughs." The formation of EDC reinforces GenCorp's commitment to the Easton brand and enhances the Company's ability to attract new business and investment in the real estate assets going forward.
In December 2008, Sacramento County approved the entitlements for the first two boroughs; the 1,208-acre Glenborough at Easton, and Easton Place, a 182-acre transit-oriented urban town center. The remaining boroughs of Easton in the entitlement stages include Rio del Oro at Easton and Westborough at Easton, located in the City of Rancho Cordova, California, as well as Hillsborough at Easton, located in the Folsom, California Sphere of Influence area.
GenCorp also announced that David C. Hatch, in addition to his existing role as Company vice president for Real Estate, has been given the additional responsibility of chief operating officer of Easton Development Company, LLC. Hatch, 41, has been with the Company since 2002 and has directed the entitlement and development activities of the GenCorp real estate group since 2007.
GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale and leasing of the Company's excess real estate assets. Additional information about the Company can be obtained by visiting the Company's web site at http://www.GenCorp.com.