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ATK to acquire Swales Aerospace
Posted: Wed, Apr 4, 2007, 8:07 AM ET (1207 GMT)
Alliant Techsystems (ATK) announced Tuesday that it has reached an agreement to acquire Swales Aerospace, a manufacturer of small satellites and subsystems. Terms of the deal were not disclosed by ATK, although media reports indicated that ATK will spend about $100 million to acquire the company. ATK expects to realize an additional $100 million in revenue in FY2008 from the acquisition. Swales, based in the Maryland suburbs of Washington DC, manufactures satellite components as well as small satellites, such as the five THEMIS space science spacecraft for NASA launched earlier this year. Swales has also provided engineering support work for NASA's Goddard Space Flight Center, although the company lost that contract just last week. Swales will become the new core of ATK's Space Division, with Swales CEO Mike Cerneck leading the division. The acquisition is still subject to regulatory review as well as approval by shareholders in employee-owned Swales.
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