Another round of cuts and a divestiture at GDX

FARMINGTON HILLS, Mich. (Feb. 12)—In its annual report filed with the Securities and Exchange Commission, GenCorp Inc. said its GDX Automotive vehicle sealing unit in the fourth quarter of fiscal 2002 implemented a restructuring and consolidation program which reduced staffing levels at its worldwide headquarters in Farmington Hills and will result in the closure of a plant in Germany in early fiscal 2003. GDX did not say how many jobs were cut or what the expected cost-savings are from the rationalizations but did reveal a $2 million charge related to the actions. The company also said that in January GDX entered into an agreement to sell the assets and operations of its Viersen, Germany, mixing facility to one of its suppliers, Vigar S.A. As part of the agreement, GDX said it would enter into a 10-year supply agreement with Vigar that requires certain minimum annual purchase volumes and contains monetary penalties if purchase minimums are not met. The transaction is expected to close during the first quarter of fiscal 2003, GenCorp said in the filing.