Orbital Sciences Corporation (NYSE: ORB)
today announced that it has completed the sale of its Sensor Systems
Division
(SSD) to the Hamilton Sundstrand unit of United Technologies Corporation
(NYSE:
UTX). The sale, which was announced in August, has received all necessary
regulatory approvals. Orbital stated that the proceeds of the sale would
primarily be used to improve the company’s balance sheet, to reduce overall
debt
and for general corporate purposes.
“With the completion of the Sensor Systems Division sale, Orbital has
largely
completed its year-long campaign to reduce debt, boost cash and improve the
company’s balance sheet through the sale of four non-core businesses. We
are
now intensely focused on driving the company back to sustained profitability
with our core space technology products, primarily consisting of satellite-
and
launch vehicle-related space systems, advanced programs and technical
services,”
said Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer.
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
