GenCorp to Buy Rocketdyne for $550 Million

As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation. The transaction is subject to customary closing conditions, including regulatory approvals.

"We are pleased to announce GenCorp's agreement to purchase Rocketdyne. It is a significant step in our ongoing portfolio transformation," says UTC Chairman & Chief Executive Officer Louis Chenevert. "While it is not core to UTC's commercial building systems and aerospace businesses, Rocketdyne is a solid company and a national asset with many talented employees. Leading up to the closing with GenCorp, we will remain focused on operational excellence and 100 percent mission success."

United Technologies Corp., based in Hartford, CT, is a diversified company providing high technology products and services to the building and aerospace industries.