GenCorp completes Draftex acquisition

FARMINGTON HILLS, Mich. (Dec. 29)—GenCorp Inc. has completed its acquisition of Draftex International Car Body Seals, creating the world´s second largest automotive sealing supplier with annual sales of $875 million. For approximately $198 million, GenCorp acquired from Laird P.L.C. the Draftex world headquarters and international technical center in Dusseldorf, Germany, and 11 manufacturing plants in six countries—Germany, France, Spain, China, Czech Republic and the U.S. Draftex adds about $415 million in annual sales to GenCorp´s accounts, along with 5,484 employees worldwide. GenCorp expects the acquired business to boost earnings by about 9 cents per share in 2001.