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Aerojet Executes Settlement With American States Water Company
SACRAMENTO, Calif., Nov 3, 2004 /PRNewswire-FirstCall via COMTEX/ -- GenCorp Inc., (NYSE: GY) announced today that its Aerojet-General ("Aerojet") subsidiary has executed a Settlement Agreement and Release with American States Water Company ("AWR") and its Southern California Water Company ("SCW") subsidiary for settlement related to a 1999 legal action against Aerojet. This is the second agreement signed by Aerojet in the last 15 months to address water supply in eastern Sacramento County, and follows Aerojet's 2003 agreement with the County of Sacramento Water Agency ("County").
Together these agreements establish a comprehensive, forward-thinking approach to replacement water supply needs of the area. Under these Agreements, Aerojet will continue to extract and treat approximately 19-24 million gallons of water daily. Once extracted and treated, Aerojet transfers ownership of the water to the County, which is undertaking responsibility to meet replacement water supply needs. The AWR-Aerojet Agreement also further establishes AWR's intent to become a water purveyor for portions of Aerojet's land. A separate water delivery agreement between AWR and the County confirms that the water made available by Aerojet is provided to AWR to meet its replacement water need.
"Our groundwater-extraction and treatment facilities clean millions of gallons of water daily. These agreements end disputes among the County, AWR and Aerojet as to how that water can best be used to enhance public water supplies," said Chris Conley, vice president of Environmental, Health and Safety for GenCorp. "Aerojet continues to work with other water purveyors to assure the supply of adequate replacement water in the effected portion of eastern Sacramento County."
"The settlement of legal action with AWR demonstrates Aerojet's commitment to fully addressing the water needs of our community," said William Purdy, president of GenCorp Real Estate. "This agreement and the earlier agreement reached by Aerojet and the County addresses the replacement water needs of the area's water purveyors and ensures that this remediated water will remain in eastern Sacramento County to serve its current and future residents and businesses."
GenCorp is a technology-based manufacturer with positions in the aerospace and defense and real estate industries. Additional information about GenCorp can be obtained by visiting GenCorp's web site at www.GenCorp.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding GenCorp Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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