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Non-Tech : American Pacific (APFC)-Specialty Chemicals
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From: leigh aulper7/13/2005 9:17:01 AM
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American Pacific Signs Agreement to Acquire Aerojet Fine Chemicals

LAS VEGAS, July 13 /PRNewswire-FirstCall/ -- American Pacific Corporation
(Nasdaq: APFC) announced today that it has agreed to acquire the assets of
Aerojet Fine Chemicals ("AFC"), a subsidiary of GenCorp Inc., (NYSE: GY) for
cash and other consideration in the amount of approximately $119 million and
the assumption of certain liabilities. The transaction will be financed in
part by commercial bank loans and the issuance of a seller note. The
agreement is subject to customary closing conditions and regulatory approvals
and is expected to close in the early fall of 2005.
AFC is a leading manufacturer of active pharmaceutical ingredients and
registered intermediates for commercial customers in the pharmaceutical
industry. In fiscal 2004, AFC had sales of approximately $66 million.
AFC offers specialized engineering capabilities which include energetic
chemistry, high-containment facilities and the first commercial-scale
simulated moving bed in the U.S. used for chiral separation of pharmaceutical
ingredients. AFC employs FDA Good Manufacturing Practices and its core
products are FDA approved.
"AFC is a perfect fit for our company," said John R. Gibson, CEO of
American Pacific. "It is an attractive, profitable business that complements
our existing specialty chemical and energetic product portfolio. This
acquisition provides us with a strong presence in fast growing pharmaceutical
markets where we can provide customers with value added products and
services."
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