- Consistent with Company's Financial Improvement Plan, Orbital Has Reduced Debt by Approximately $200 Million in 2001 -Orbital Sciences Corporation (NYSE: ORB) announced today that it has completed the sale of its Magellan Corporation subsidiary and its 60% interest in Navigation Solutions LLC (NavSol), a joint venture with The Hertz Corporation, to Thales Group for approximately $70 million in cash. Orbital originally announced the proposed sale in May and has received all required regulatory approvals for the transaction. The completion of the Magellan/NavSol sale advances Orbital's strategy to focus on its core space technology products and to strengthen its balance sheet through significant debt reduction.
Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer, said, "With the proceeds from the sale of Magellan/NavSol, combined with the proceeds from the sale of our MacDonald, Dettwiler and Associates subsidiary, Orbital has significantly improved its financial position. Since the beginning of 2001, we have reduced our total debt balance by approximately $200 million, placing the company in a greatly improved position from the standpoint of liquidity and financial flexibility."
Magellan is one of the world's leading manufacturers global positioning system (GPS) products used by outdoor recreation, marine and automotive consumers for navigation purposes and by professional customers for highly- accurate surveying and mapping applications. Based in Santa Clara, CA, Magellan employs approximately 370 people at major facilities in California's Silicon Valley and Los Angeles areas, as well as in several other states and international locations. NavSol is based in Plano, TX and employs approximately 75 people, primarily in Texas and Michigan.
About Thales Group
Thales is a European leader and global front-runner in professional electronics in three key markets: Aerospace, Defense and Information Technology & Services. The Group employs 65,000 people worldwide, of whom 50% are based outside of France. Present in nearly 50 countries, Thales generated revenues of 8.6 billion Euros in 2000 ($7.9 billion*), 70% of which came from international sales. (* Average exchange rate for 2000: 1 Euro = US$ 0.9175)
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.comCONTACT: Media: Barron Beneski, +1-703-406-5528 or firstname.lastname@example.org, or Investors: Tim Perrott, +1-703-406-5997 or email@example.com, both of Orbital Sciences Corporation; Caroline Harvey of Thales Group, 33-1-53-77-87-26 or Caroline.firstname.lastname@example.org; or Angela Linsey-Jackson of Magellan Corporation, +1-909-394-5062 or Alinseyemail@example.com.
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CONTACT: Media: Barron Beneski, +1-703-406-5528 or firstname.lastname@example.org, or Investors: Tim Perrott, +1-703-406-5997 or email@example.com, both of Orbital Sciences Corporation; Caroline Harvey of Thales Group, 33-1-53-77-87-26 or Caroline.firstname.lastname@example.org; or Angela Linsey-Jackson of Magellan Corporation, +1-909-394-5062 or Alinseyemail@example.com