Northrop Grumman to Acquire Aerojet-General's Electronics Group

Apr 20, 2001, 01:00 ET from Northrop Grumman Corporation

    LOS ANGELES, April 20 /PRNewswire Interactive News Release/ -- Northrop
 Grumman Corporation (NYSE:   NOC) announced today that it has signed a
 definitive agreement to acquire the Electronics and Information Systems Group
 of Aerojet-General Corporation for $315 million in cash.  Aerojet-General is a
 wholly-owned subsidiary of GenCorp Inc. (NYSE:   GY).
     The Aerojet-General unit had 2000 revenues of $323 million and specializes
 in spaceborne sensing for early warning systems, ground systems that process
 data from space-based platforms, and smart weapons technology for high-
 priority U.S. government national security programs.
     "The acquisition of Aerojet-General's Electronics and Information Systems
 Group enhances our capabilities in space sensors and systems and strengthens
 our advanced battlefield management business focus," said Kent Kresa, Northrop
 Grumman's chairman, president and chief executive officer.  "Their strong
 customer base and core technical expertise in remote sensing systems, signal
 processing and ground systems are highly complementary to Northrop Grumman's
 defense electronics businesses as well as our thrust into information warfare
 and further increases the company's missile defense program capabilities."
     The transaction is subject to normal government reviews and is expected to
 close during this summer.  Upon completion of the transaction, the Aerojet-
 General unit will be integrated into the Aerospace Division of Northrop
 Grumman's Electronic Sensors and Systems Sector (ES3), based in Baltimore, Md.
 Aerojet-General's Electronics and Information Systems Group has approximately
 1,400 employees at facilities in Azusa, Calif., Boulder, Colo., and Colorado
 Springs, Colo.  Northrop Grumman stated that it doesn't anticipate any lay-
 offs as a result of the transaction.
     Salomon Smith Barney is the financial advisor to Northrop Grumman in this
 transaction.
 
     Northrop Grumman's ES3, headquartered in Baltimore, is a world leader in
 the design, development and manufacture of defense electronics and systems,
 precision weapons, airspace management systems, space systems, marine systems,
 logistics systems, and automation and information systems.
 
     Northrop Grumman Corporation is a $15 billion, global aerospace and
 defense company with its worldwide headquarters in Los Angeles.  Northrop
 Grumman provides technologically advanced, innovative products, services and
 solutions in defense and commercial electronics, systems integration,
 information technology and non-nuclear shipbuilding and systems.  With 80,000
 employees and operations in 44 states and 25 countries, Northrop Grumman
 serves U.S. and international military, government and commercial customers.
 
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SOURCE Northrop Grumman Corporation
    LOS ANGELES, April 20 /PRNewswire Interactive News Release/ -- Northrop
 Grumman Corporation (NYSE:   NOC) announced today that it has signed a
 definitive agreement to acquire the Electronics and Information Systems Group
 of Aerojet-General Corporation for $315 million in cash.  Aerojet-General is a
 wholly-owned subsidiary of GenCorp Inc. (NYSE:   GY).
     The Aerojet-General unit had 2000 revenues of $323 million and specializes
 in spaceborne sensing for early warning systems, ground systems that process
 data from space-based platforms, and smart weapons technology for high-
 priority U.S. government national security programs.
     "The acquisition of Aerojet-General's Electronics and Information Systems
 Group enhances our capabilities in space sensors and systems and strengthens
 our advanced battlefield management business focus," said Kent Kresa, Northrop
 Grumman's chairman, president and chief executive officer.  "Their strong
 customer base and core technical expertise in remote sensing systems, signal
 processing and ground systems are highly complementary to Northrop Grumman's
 defense electronics businesses as well as our thrust into information warfare
 and further increases the company's missile defense program capabilities."
     The transaction is subject to normal government reviews and is expected to
 close during this summer.  Upon completion of the transaction, the Aerojet-
 General unit will be integrated into the Aerospace Division of Northrop
 Grumman's Electronic Sensors and Systems Sector (ES3), based in Baltimore, Md.
 Aerojet-General's Electronics and Information Systems Group has approximately
 1,400 employees at facilities in Azusa, Calif., Boulder, Colo., and Colorado
 Springs, Colo.  Northrop Grumman stated that it doesn't anticipate any lay-
 offs as a result of the transaction.
     Salomon Smith Barney is the financial advisor to Northrop Grumman in this
 transaction.
 
     Northrop Grumman's ES3, headquartered in Baltimore, is a world leader in
 the design, development and manufacture of defense electronics and systems,
 precision weapons, airspace management systems, space systems, marine systems,
 logistics systems, and automation and information systems.
 
     Northrop Grumman Corporation is a $15 billion, global aerospace and
 defense company with its worldwide headquarters in Los Angeles.  Northrop
 Grumman provides technologically advanced, innovative products, services and
 solutions in defense and commercial electronics, systems integration,
 information technology and non-nuclear shipbuilding and systems.  With 80,000
 employees and operations in 44 states and 25 countries, Northrop Grumman
 serves U.S. and international military, government and commercial customers.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X81325356
 
 SOURCE  Northrop Grumman Corporation

RELATED LINKS

http://www.aerojet.com


http://www.gencorp.com