DULLES, Va., Aug. 3 /PRNewswire/ -- Continuing its successful year-long campaign to reduce debt, boost cash and return the company's primary focus to its core space technology products, Orbital Sciences Corporation (NYSE: ORB) announced today that it has reached a definitive agreement with the Hamilton Sundstrand unit of United Technologies Corporation (NYSE: UTX) for the sale of the company's Pomona, California-based Sensor Systems Division (SSD) for approximately $20 million in cash. Orbital anticipates that the transaction will close in September.
Orbital's SSD designs, manufactures and supports sophisticated sensors and analytical instruments for defense, space and industrial applications. Its main products are atmosphere monitors, space instruments, chemical and biological agent detection devices and commercial process analyzers. Acquired from Perkin-Elmer Corporation in 1993, SSD has operated as part of Orbital's Electronics and Sensors Systems Group since 1996. With revenues of about $35 million in 2000, SSD employs approximately 250 people in a 135,000 square foot engineering and production facility located 25 miles northeast of downtown Los Angeles.
"The sale of our Sensor Systems Division represents the fourth major non- core asset divestiture that we have announced in the past year," said Mr. David W. Thompson, Orbital's Chairman and Chief Executive Officer. "SSD's technological depth, product line breadth and program experience should allow it to contribute powerfully as part of Hamilton Sundstrand. On behalf of all their colleagues at Orbital, I want to thank SSD's people for their outstanding service to the company over the past 8 years and to wish them well in their future endeavors," he added.
"With this transaction, Orbital's strategy of refocusing on our core space technology products -- space and suborbital launch vehicles, low-orbit and geosynchronous orbit satellites, and advanced space systems -- is now largely complete. Going forward, our primary emphasis will be on achieving profitable growth in all our core space product lines, while maintaining vigorous technological innovation and rigorous quality standards in our operations," Mr. Thompson concluded.
Orbital develops and manufactures affordable space systems, including satellites, launch vehicles, and advanced space 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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