DULLES, Va., July 18 /PRNewswire/ -- Orbital Sciences Corporation (NYSE: ORB) completed the sale of its interest in MacDonald, Dettwiler and Associates Ltd. (Toronto: MDA) with the public sale of the company's remaining 1.65 million shares at $21 per share (Canadian), the company announced today. According to the terms of the public sale, which was completed in Canada, Orbital will receive total proceeds of approximately $19 million (U.S.), which will be used to further reduce debt and improve financial flexibility. Orbital previously announced that it had completed the $112 million first phase of the divestiture in May and the $38 million second phase in June. Total proceeds from the MDA sale were approximately $169 million, up from the total proceeds estimate of $163 million originally announced in April.
The closing of the MDA sale is the second major divestiture to be completed by Orbital this month. On July 16, Orbital announced that it had completed the sale of its Magellan subsidiary to Thales Group.
"With the proceeds from the completion of the Magellan and MDA sales, we have significantly improved the company's balance sheet and increased our financial flexibility," said Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer. "In the second half of the year, we will continue our intense focus on operating and financial improvements in our core space technology businesses with the goal of returning Orbital to sustainable profitability."
MDA is Canada's leading space and information systems company and is the world's primary supplier of space robotics technology. It employs approximately 1,800 people at major facilities in the Vancouver and Toronto areas, as well as at other Canadian and international locations.
More information about MDA can be found at http://www.mda.ca .
Orbital develops and manufactures affordable space systems, including satellites, launch vehicles, sensors and electronics, and advanced systems. Orbital is also involved with satellite-based networks that provide wireless data communications and high-resolution Earth imagery to customers all around the world.
More information about Orbital can be found at http://www.orbital.com .
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SOURCE Orbital Sciences Corporation
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