OMNOVA Spin-Off Finalized

GenCorp, Fairlawn, Ohio, has announced that its board of directors finalized the approved spin-off
of OMNOVA Solutions Inc. as a wholly-owned subsidiary. GenCorp will transfer its
DecorativeandBuilding Products and Performance Chemicals businesses to OMNOVA.GenCorp will continue
to operate Aerojet, its aerospace, defense and fine chemicals segment and its Vehicle Sealing
operation.Its exciting to have this long process behind us so that we can begin to take advantage
of the opportunities made possible by the spin-off, said John Yasinsky, former chairman and CEO of
GenCorp, and current chairman and CEO, OMNOVA.Operating as two focused, independent companies, we
believe both GenCorp and OMNOVA will be better able to tailor capital investments and resources to
particular business requirements, more aggressively pursue growth and operate more efficiently. The
potential to create greater value for our shareholders, customers and employees was the driving
force behind the spin-off and will lead our efforts to succeed going forward.OMNOVA Solutions is
headquartered in Fairlawn, and will have annual sales of approximately $766 million. The company
will also have 2,600 employees worldwide.GenCorp will move its headquarters to Sacramento, Calif.,
where its Aerojet business is based. Aerojet President Robert Wolfe has been named chairman and CEO
of GenCorp. GenCorp will now have sales of over $1 billion and 7,300 employees worldwide.
(See “Dyeing, PrintingandFinishing News,” ATI September and October 1999.)

November 1999