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News of The Week: ATK's Aerospace, Defense Groups to Merge With Orbital in $5B Deal


 
PRLog - Apr. 29, 2014 - ATK's aerospace and defense groups will merge with Orbital Sciences Corp. in a $5 bllion deal that will create a a new company called Orbital ATK.

The merger is meant to be completed by the end of 2014 and ATK is also planning to spin off its commercial ammunition and sporting accessory business into an independent, publicly-traded company.

“Orbital has been a customer of ATK for more than 25 years; we are familiar with each other and each company’s capabilities,” DeYoung said.

“We see opportunities to build on ATK’s success in aerospace and defense through a combination with Orbital’s proven track record in creating new launch vehicles, satellites and other advanced space technologies,” he added.

Retired U.S. Air Force Gen. Ronald Fogleman will serve as executive chairman of the new joint company's board of directors.

The new company had nearly $4.5 billion in 2013 revenue and includes 13,000 employees in 17 states.

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Source:GovConWire
Industry:Business, Government
Tags:orbital
Shortcut:prlog.org/12316607
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