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GENCORP AND GOODYEAR ANNOUNCE POTENTIAL TRANSACTION

 FAIRLAWN, Ohio, Feb. 22 /PRNewsiwre/ -- GenCorp Inc. (NYSE: GY) and The Goodyear Tire & Rubber Company (NYSE: GT) announced jointly today that the companies have reached an agreement in principle under which GenCorp would acquire Goodyear's Reneer Films Corporation, located in Auburn, Pa.
 The two companies are proceeding with detailed negotiations of a definitive agreement on the acquisition of Reneer. Terms of the potential transaction have not been announced.
 Reneer is the premier producer of vinyl woodgrain laminates for furniture and consumer electronics and clear plastic films. The company employs about 280 people and generated approximately $40 million in sales in 1992. If GenCorp acquires Reneer, it would become a business unit of GenCorp Polymer Products.
 "We are impressed by the highly motivated and skilled workforce at Reneer, its valuable customer base and the strong market position which the company offers in the plastic film industry. The Reneer business would be an excellent strategic fit with the extensive vinyl film business which GenCorp Polymer Products already operates," said James S. Marlen, president of GenCorp Polymer Products.
 "Reneer has enjoyed great success as a member of the Goodyear family," said Dave Mittiga, president and chief executive officer of Reneer Films Corporation. "We look forward to continuing to grow our business with GenCorp."
 No deadline has been established for completing the negotiations. Both companies indicated a desire to reach a definitive agreement as soon as possible.
 GenCorp is a technology-based company with strong positions in aerospace, automotive and related polymer products.
 -0- 2/22/93
 /CONTACT: Rip Tilden of GenCorp, 216-869-4292; Carol Helderlein of GenCorp Polymer Products, 216-668-7028; or Scott Baughman of Goodyear, 216-796-5346/
 (GY GT)


CO: GenCorp; The Goodyear Tire & Rubber Company ST: Ohio IN: ARO AUT SU: JVN

KK -- CL009 -- 8911 02/22/93 11:14 EST
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Publication:PR Newswire
Date:Feb 22, 1993
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