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Orbital and ATK Announce Merger

Marcia S. Smith
Posted: 29-Apr-2014
Updated: 29-Apr-2014 11:25 AM

Orbital Sciences Corporation and ATK announced this morning that they will merge into a new company, Orbital ATK, headed by Orbital's President and CEO David Thompson. The deal is expected to close in December 2014.

The merged company will be headquartered in Dulles, VA where Orbital currently is located and will have eight major operating locations in Arizona, California, Maryland, Minnesota, Missouri, Utah, Virginia, and West Virginia.  ATK will spin-off its sporting group to its shareholders, who will hold 100 percent ownership of it.   ATK shareholders will own 53.8 percent of Orbital ATK and Orbital shareholders will own the other 46.2 percent.  The merger will be a stock-for-stock exchange using the tax-free "Morris" structure.

Calling it a "merger of equals," a presentation from the companies point out the synergies.  Orbital develops and manufacturers small- and medium-class space systems, space and suborbital launch vehicles, commercial and scientific satellites, and advanced space systems for national security and human exploration.  ATK produces solid rocket propulsion systems for space and strategic applications; precision weapons, missile warning systems and tactical rocket motors; munitions; and composite aerostructures and satellite components.

The merged company will have 13,000 employees and combined revenue of $4.5 billion.


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