ATK has agreed
in principle to acquire the PSI Group, which includes Pressure Systems Inc.,
Programmed Composites Inc., and Able Engineering Company, Inc. PSI Group is a
leading manufacturer of satellite components and propellant tanks. PSI
provides mission-critical components for the emerging needs of the U.S.
military, including next-generation global positioning, navigation and
communication satellites. The acquisition will strengthen ATK’s core space-
based capabilities by increasing the company’s content on missions, thereby
expanding market opportunities.
Pending federal regulatory review and approval, the acquisition, which
will be accretive to earnings, is expected to close in mid-August.
Headquartered in Commerce, Calif., PSI has annual revenues of
approximately $100 million and employs approximately 350 people. With its
focus on state-of-the art technologies, PSI will join ATK’s Advanced
Propulsion and Space Systems (APSS) group. Don Shaffer, group vice president,
APSS, said PSI’s capabilities strengthen the company’s portfolio as a system
level integrator for satellite structures and other spacecraft.
“The acquisition enhances our ability to provide the most advanced space
systems in the world,” said Shaffer. “Combined with ATK’s existing composite
and propulsion technologies, we are well positioned to capture emerging
opportunities in spacecraft integration and satellite technology.”
PSI is the world’s largest provider of pressure tanks for satellites and
launch vehicles. It is also a leader in the development of deployable,
telescoping booms for launch and recovery of space hardware. Its solar array
substrate capability, unmatched in the industry, is critical to power
generation throughout a spacecraft’s life. In addition, PSI is an industry
leader in manufacturing composite satellite bus structures, panels, and
reflectors for space-based applications. New York-based Windward Capital
Partners is the majority owner of the PSI Group.
ATK is a $2.4 billion advanced weapons and space systems company employing
13,100 people in 23 states. News and information can be found on the Internet
at http://www.atk.com .
Certain information discussed in this press release constitutes forward-
looking statements as defined in the Private Securities Litigation Reform Act
of 1995. Although ATK believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be achieved. Forward-looking information
is subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Among those factors are:
changes in governmental spending and budgetary policies, economic conditions,
the accretive nature of the acquisition, equity market returns, the company’s
competitive environment, the timing of awards and contracts, the outcome of
contingencies, including litigation and environmental remediation, program
performance, and sales projections. ATK undertakes no obligation to update
any forward-looking statements. For further information on factors that could
impact ATK, and statements contained herein, reference should be made to ATK’s
filings with the Securities and Exchange Commission, including quarterly
reports on Form 10-Q, current reports on Form 8-K and annual reports on Form
10-K.
