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                                                                    EXHIBIT 99.2

GENCORP


                                                              Rosemary B. Younts
                                           Senior Vice President, Public Affairs
                                                                  (916) 351-8650
                                                                  (916) 804-7820
News Release
                                                                   Terry L. Hall
                                                       Senior Vice President and
                                                         Chief Financial Officer

                                                                  (916) 351-8606


                 GENCORP ANNOUNCES US EPA HAS FILED "CARVE OUT"

      AGREEMENT TO REMOVE CLEAN LAND FROM AEROJET SACRAMENTO SUPERFUND SITE


    AGREEMENT ENSURES CONTINUED COMMITMENT TO ENVIRONMENTAL SITE RESTORATION
    ------------------------------------------------------------------------

         SACRAMENTO, CALIFORNIA, September 25, 2001 - GenCorp (NYSE: GY)
announced that the U.S. Environmental Protection Agency (EPA) has concluded that
approximately 3,200 acres of the Company's property in East Sacramento is free
of contamination and should be released from restraining Superfund restrictions.
The agency today has filed an agreement to remove this property from the
Superfund site designation with the Federal District Court in Sacramento. The
agreement comes after an extensive effort between GenCorp's aerospace and
defense segment, Aerojet, and federal and state regulatory agencies to
demonstrate that the 3,200 acres to be removed were never contaminated and no
longer belong within Superfund boundaries. These efforts have also resulted in
significant improvements to the process that governs Aerojet's continued
commitment to fully restore the Sacramento Superfund site, which are included in
the agreement. The agreement will require modifications to the Partial Consent
Decree, the governing document for the site, after a 30-day public comment
period and a public hearing in Sacramento.
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         "The agreement culminates four years of work with state and federal
regulators to return 3,200 valuable acres of land to our communities' long term
planning needs. Situated along Highway 50 in East Sacramento County, this site
is one of the most important in the Capital Valley's vision for the future. We
look forward enthusiastically to collaborating with our neighbors on creative
and productive land planning initiatives that will ensure the economic vitality
of this region for years to come," said Bob Wolfe, GenCorp Chairman and CEO.

         "Importantly, the agreement also provides assurances to our communities
that the Company is committed for the long term to environmental stewardship,
including continued major investments in the development of new groundwater
treatment technologies that are so critical to our region, and the State of
California," Wolfe added.

         In addition to the removal of clean property from the Superfund site
designation, key elements of the agreement include:

     -    GenCorp will provide a $75M guarantee to assure remediation activities
          are fully funded.

     -    Aerojet will provide a short-term and long-term water replacement plan
          for lost water supplies.

     -    Aerojet will retain liability for groundwater under the 3,200 acres of
          property to be removed from the Superfund site, and deed restrictions
          will prevent future land users to access groundwater.

     -    The Superfund site will be divided into "Operable Units" to allow
          Aerojet and the regulatory agencies to more quickly address and
          restore priority areas.

     -    Regulatory agencies and Aerojet will work more closely together in the
          annual planning process for site issues.

         "This agreement represents innovative thinking by a broad cross section
of regional, state and federal regulatory authorities to create a more effective
approach to the Superfund process,"

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Wolfe said. "It will streamline what is typically a highly complicated process,
free up clean land, and speed site restoration efforts to the benefit of the
entire region."

         GenCorp is a technology-based manufacturer with leading positions in
aerospace and defense, pharmaceutical fine chemicals and automotive industries.
For more information, visit the Company's Web site at www.gencorp.com.