GenCorp Receives Modification to FTCs 2nd Request in Connection With the Proposed Acquisition of P&W Rocketdyne
GenCorp Inc. (NYSE:GY), headquartered in Sacramento, California, announced today that it has received a modification to the request for additional information ("Second Request") from the Federal Trade Commission ("FTC") in connection with the Company's proposed acquisition of Pratt & Whitney Rocketdyne from United Technologies Corporation (NYSE:UTX). The modification excludes large and medium liquid rocket engines for launch vehicles and spacecraft from the scope of the FTC's investigation of the proposed acquisition. United Technologies has received a similar modification to the Second Request letter it received.
At this time, the FTC's investigation of the proposed acquisition is limited to the Liquid Divert and Attitude Control Systems ("LDACS") businesses of the Company and United Technologies. The Company is in the process of preparing its LDACS business for sale to facilitate an expeditious completion of the FTC's investigation.
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The Company expects to continue working cooperatively with the FTC as it conducts its review of the proposed acquisition.
Completion of the transaction is subject to the satisfaction of customary closing conditions, including required regulatory approvals. The Company expects the acquisition to close in the first half of 2013.
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Source : GenCorp Inc.