Gencorp´s Aeroject to form propulsion joint venture with Pratt & Whitney

SACRAMENTO, Calif. (July 21)—Gencorp Inc.´s Aeroject-General Corp. aerospace and defense segment said July 17 it is working out an agreement with Pratt & Whitney, a unit of United Technologies, to form a new space propulsion company. The two expect to reach a definitive pact before the end of the year, with Gencorp holding 20 percent of the new company and retaining some previous propulsion contracts to complete work on them. "Consolidation of (the propulsion unit) will stop the decline that we´ve seen in our propulsion business and free up resources so we can focus on growing other areas of the business," a Gencorp spokeswoman said.