By Liz White, ERJ staff
Sacramento, California-GenCorp Inc. announced 1 Sept that it has completed the sale of its GDX Automotive business to New York-based investment firm Cerberus Capital Management LP. GenCorp will receive $147 million in cash from the transaction, on a debt-free cash-free basis.
The troubled automotive profiles business has been a loss maker for some time, and Gencorp has been considering options for its future for several months.
“The sale of GDX represents a major step in GenCorp’s efforts to focus the company’s…