July 09, 2012 at 09:18 AM EDT
Aerojet Planning European Space Propulsion Subsidiary

SACRAMENTO, Calif., July 9, 2012 (GLOBE NEWSWIRE) -- Aerojet, a GenCorp (NYSE:GY) company, announced today that it has entered the final planning of the formation of a European subsidiary to serve the needs of the European space industry. The new company, European Space Propulsion, will use indigenous manufacturing and engineering talent to produce proven in-space thrusters and propulsion systems.

European Space Propulsion is planned to be based in Northern Ireland and work will be done in partnership with Thales Air Defense Limited in Belfast. Thales will provide world-class manufacturing, assembly and test capability. European Space Propulsion personnel plan to work with local government and academia to enable state-of-the-art research and development activities in advanced space propulsion. Engineering support services will be provided by Aerojet's Redmond, Wash. operations.

The announcement marks the signing of a Memorandum of Understanding between Aerojet and Thales UK, enabling detailed planning to be completed for production, research and development and test facilities. With the continued support of authorities in Northern Ireland and the UK, as well as license approvals from the U.S. Department of State, construction activities are expected to begin in early fall. Initial operational capability is planned by year end.

"By forming a European subsidiary, we can best serve the needs of a growing worldwide space industry with state-of-the-art propulsion solutions," said Aerojet Vice President of Business Development, Rick Yezzi. "We look forward to becoming a full participant in the European space community."

Victor Chavez, CEO of Thales UK, added, "We are extremely pleased to provide our high precision, lean aerospace manufacturing capabilities for this exciting new venture. By working together, Aerojet and Thales UK plan to bring a leading space company to Northern Ireland."

About Aerojet

Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, defense and armaments markets. 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 Aerojet and GenCorp can be obtained by visiting the companies' websites at http://www.Aerojet.com and http://www.GenCorp.com.

The Aerojet logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12048

About Thales and Thales UK

Thales is a global technology leader for the defence & security and the aerospace & transport markets. In 2011 the company generated revenues of £11.4 bn (€13 bn), with 68,000 employees in 50 countries. With its 22,500 engineers and researchers, Thales has a unique capability to design, develop and deploy equipment, systems and services that meet the most complex security requirements. Thales has an exceptional international footprint, with operations around the world working with customers as local partners. www.thalesgroup.com

Thales UK employs 8,000 staff based at 35 locations. In 2011 Thales UK's revenues were around £1.4 bn. www.thalesgroup.com/uk

CONTACT: Glenn Mahone, Aerojet, 202.302.9941
         Glenn.Mahone@Aerojet.com
         Jessica Pieczonka, Aerojet, 916.337.5938
         Jessica.Pieczonka@Aerojet.com
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