Let k > 0 be an integer and Y a standard Gamma(k) distributed random variable. Let X be an independent positive random variable with a density that is hyperbolically monotone (HIM) of order k. Then Y . X and Y/X both have distributions that are generalized gamma convolutions (GGCs). This result extends a result of Roynette et al. from 2009 who treated the case k = 1 but without use of the HM-concept. Applications in excursion theory of diffusions and in the theory of exponential functionals of Levy processes are mentioned.