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                                                                      EXHIBIT 99

                                                           FOR IMMEDIATE RELEASE

               GENCORP RECEIVES FAVORABLE IRS RULING FOR SPIN-OFF

         FAIRLAWN, OHIO, JULY 7, 1999 (NYSE-GY) - GenCorp announced today that
it has received an Internal Revenue Service ruling that its planned spin-off
will be a tax-free transaction. The Company plans to spin off its Decorative &
Building Products and Performance Chemicals businesses into a separate, publicly
traded company named OMNOVA Solutions Inc.

         The favorable ruling is a key milestone in GenCorp's spin-off plan
which was conditioned on its receipt. The ruling means that the transaction will
not be taxable to the Company or its shareholders. The planned spin-off is also
contingent on shareholder approval.

         GenCorp also announced it filed a proxy statement with the Securities
and Exchange Commission late Friday, July 2, 1999. Copies will be mailed to
shareholders of record as of June 30, 1999. Shareholders are being asked to
approve the spin-off plan and various changes to GenCorp's articles of
incorporation and code of regulations, along with new long-term incentive plans
for GenCorp and OMNOVA Solutions at a special shareholders meeting set for
August 18, 1999.

         GenCorp is a $1.7 billion technology-based manufacturer with leading
positions in numerous markets served by its Performance Chemicals, Decorative &
Building Products and Vehicle Sealing businesses, and its aerospace and defense
segment, Aerojet.

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