(Dulles, VA 2 April 2010) -- Orbital Sciences Corporation (NYSE: ORB), one of the world’s leading space technology companies, today announced that it has completed the acquisition of a Gilbert, AZ-based, spacecraft development and manufacturing business from General Dynamics Advanced Information Systems, a subsidiary of General Dynamics Corporation (NYSE: GD).
With the formal closing of the acquisition, Orbital welcomed to its workforce approximately 325 new employees, most of whom are engineers, technicians and program managers, many with security clearances for sensitive U.S. Government programs. Orbital has also acquired a state-of-the-art 135,000 square foot space systems manufacturing, integration and test facility that is one of the most modern and capable in the world, providing the company with additional satellite manufacturing capacity to accommodate anticipated growth for many years to come.
“Today, we are very excited to welcome a great team of highly qualified and experienced satellite professionals to the Orbital family,” said Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer. “With the addition of important new strategic customer relationships, a broad range of complementary satellite products and engineering capabilities, and a state-of-the-art production facility, we have significantly strengthened our competitive position in the defense and intelligence, civil government and commercial satellite markets.”
The acquisition is expected to enhance Orbital’s already-established position in the growing market for national security space systems, including spacecraft used in intelligence and surveillance, missile tracking, space situational awareness, space weather monitoring and other operational defense missions. The combination will also substantially strengthen the company’s capabilities to design and manufacture Earth science, weather and climate monitoring, and space-based astronomy satellite systems.
“By combining Orbital’s experience building industry-leading small low-orbit and geosynchronous satellites with General Dynamics/Spectrum Astro’s work on advanced medium-class spacecraft, our company has now produced, or is currently developing, 148 satellites for over 35 separate customers in the U.S. Department of Defense and intelligence community, civil government agencies such as NASA and NOAA, and commercial communications and imaging satellite operators,” Mr. Thompson added.
In the 30-year period from 1982, when Orbital was founded, through 2012, by which time spacecraft under current design and production will be delivered, the company and its predecessor businesses will have developed and built 75 commercial satellites, 37 national security spacecraft, and 36 civil government satellites. Of these 148 total spacecraft, 114 are low-orbit satellites, 31 are geosynchronous satellites and 3 are deep-space probes.
Orbital develops and manufactures small- and medium-class rockets and space systems for commercial, military and civil government customers. The company’s primary products are satellites and launch vehicles, including low-Earth orbit, geosynchronous-Earth orbit and planetary exploration spacecraft for communications, remote sensing, scientific and national security missions; human-rated space systems for Earth-orbit, lunar and deep-space missions; ground- and air-launched rockets that deliver satellites into orbit; and missile defense systems that are used as interceptor and target vehicles. Orbital also provides satellite subsystems and space-related technical services to U.S. Government agencies and laboratories.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
Certain statements in this press release may be forward-looking in nature or “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends and uncertainties that could cause the actual results or performance of the company to be materially different from the forward-looking statement. Uncertainty surrounding factors such as the successful integration of the acquired business, continued government support and funding for key space and defense programs, new product development programs, product performance and market acceptance of products and technologies, government contract procurement and termination risks, as well as other risk factors and business considerations described in the company’s SEC filings, including its annual report on Form 10-K, could impact Orbital’s actual financial and operational results. Orbital assumes no obligation for updating the information contained in this press release.
More information about Orbital can be found at http://www.orbital.com
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