Alliant Techsystems (NYSE: ATK) announced today that it intends to acquire Swales Aerospace, a premier provider of satellite components and subsystems, small spacecraft and engineering services for NASA, Department of Defense and commercial satellite customers. The transaction is subject to Hart-Scott-Rodino (HSR) review, and approval by a majority of the shareholders in the employee-owned company.
After receiving HSR and shareholder approval, ATK will be a leading provider of satellite components, subsystems and small spacecraft. The acquisition will further increase the company's position as the partner of choice to the Government and industry.
The acquisition will also enhance ATK's systems engineering. The talent and resources developed by Swales' 28-year history of providing engineering services to NASA will play an important role as ATK pursues strategic initiatives in space exploration programs.
"We are excited to welcome into ATK the highly talented workforce of Swales Aerospace," said Dan Murphy, Chairman and CEO. "Together, there is much we can contribute to the space industry." The Swales facility in Beltsville, Maryland will become the headquarters for the new ATK Space Division within the Mission Systems Group. The Division will be led by Mike Cerneck, the current Chief Executive Officer of Swales Aerospace. The new Division will inherit the space structures and subsystems operations of ATK's current Space Systems and Sensors Division.
With the addition of Swales Aerospace, ATK expects to realize more than $100 million in additional FY08 revenue.
ATK is a $3.5 billion advanced weapon and space systems company employing approximately 15,500 people in 21 states. News and information can be found on the Internet at http://www.atk.com.
Certain information discussed in this press release constitutes forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although ATK believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those factors are: the successful conclusion of the HSR review; a successful proxy vote by Swales employees; as well as changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.