SACRAMENTO, Calif., March 24 /PRNewswire-FirstCall/ -- GenCorp Inc. (NYSE:GY) announced today that its Aerojet subsidiary and the California Department of Toxic Substances Control (DTSC) have reached an agreement relating to the release of 2,300 acres of Aerojet's land subject to environmental order, which property is known as the McDonnell-Douglas Inactive Rancho Cordova Test Site (IRCTS). Aerospace operations began on the site in 1956 and were completed during 1969. Aerojet acquired the IRCTS from McDonnell-Douglas Corporation in 1984.
The 2,300 acres were used primarily as a buffer between former aerospace and industrial facilities and are comprised mostly of pasture land and dredge tailings from previous mining operations. The investigation process identified limited areas with impacted soils. DTSC's approval was dependent upon the removal of those soils, the completion of a groundwater remedial action plan and the implementation of land use covenants to limit the use of groundwater.
"The release of this land from the environmental order is the result of a cooperative effort between DTSC and Aerojet," said Chris Conley, Aerojet's vice president of environmental health and safety. "This is a landmark in our ongoing relationship with Aerojet," said DTSC Director Maureen Gorsen. "Return of this acreage to new uses will bring vital growth to the Sacramento metropolitan area. The project will be beneficial to both businesses and residents." The 2,300 acres are located in the City of Rancho Cordova and are within the Rio Del Oro project plan. Currently in the entitlement process, the Rio Del Oro project envisions a diverse mix of residential, commercial and open space uses. GenCorp's portion of the Rio del Oro project is part of the Company's proposed Easton master-planned community, which is comprised of more than 6,400 acres of excess Aerojet property within the cities of Rancho Cordova and Folsom, and the County of Sacramento.
"The agreement with DTSC is significant and is an important milestone in our efforts to return this land to beneficial use," said David C. Hatch, vice president, GenCorp Realty Investments, LLC.
About GenCorp GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate business segment that includes activities related to the entitlement, sale, and leasing of the Company's excess real estate assets. Additional information about the Company can be obtained by visiting the Company's web site at http://www.gencorp.com/. DATASOURCE: GenCorp Inc.
CONTACT: Investors, Yasmin Seyal, senior vice president and chief financial officer, +1-916-351-8585, or Media, Linda Cutler, vice president, corporate communications, +1-916-351-8650, both of GenCorp Inc.
Web site: http://www.gencorp.com/
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