Boeing, ATK Complete Sale of Ordnance Business
MESA, Ariz., May 31, 2002 -- Boeing (NYSE: BA) has completed the sale of its ordnance business in Mesa to Alliant Techsystems, or ATK, of Edina, Minn. Boeing was advised by Quarterdeck Investment Partners, LLC, during the transaction.
The business will remain in Mesa and will be integrated into ATK Ammunition Systems, one of four operating units within ATK's precision systems group. Employees will relocate to buildings outside of the Boeing site in the coming months.
"Selling the ordnance business to ATK offers the best opportunities for us in Mesa," said Ed Koopman, Boeing site general manager. "This transaction supports our goal of focusing on our company's core competencies as a large-scale systems integrator, and it builds upon our strategic competitive advantages as a company."
Koopman added that the sale is good for Mesa, where ATK will continue to operate the ordnance business.
With this acquisition, ATK becomes a producer of medium-caliber gun systems for ground, sea and air platforms in addition to its aerospace and defense products. ATK is a $2 billion company with leading positions in propulsion, composite structures, munitions and precision capabilities. ATK employs about 11,000 people.
Ordnance programs sold by Boeing to ATK include:
* The Bushmaster gun family, comprising the 25mm M242 Bushmaster cannon; the 30mm Bushmaster II automatic cannon; and the 35mm/50mm Bushmaster III cannon. The M242 gun is the primary armament on the U.S. Army's M2 and M3 Bradley Fighting Vehicles, the U.S. Marine Corps' LAV-25 light armored vehicle, Mk 38 deck mounts on U.S. Navy patrol boats, and a growing number of vehicles for international defense forces.
* The MK 44 30/40mm automatic cannon, a derivative of the Bushmaster II. The U.S. Marine Corps has chosen the MK44 for its new advanced amphibious assault vehicle.
* The 30mm M230 automatic cannon, part of the weapon system on all AH-64 Apache helicopters.
* The 27mm aircraft cannon under development for use on the Joint Strike Fighter.
The Boeing Company is the world's leading aerospace company and the No. 1 U.S. exporter. It is the largest manufacturer of satellites, commercial jetliners and military aircraft, and it provides a full range of lifecycle support for these and other products. The company is also a global market leader in missile defense, human space flight and launch services. Boeing capabilities also include financial services and advanced information and communications systems.
Boeing Military Aircraft and Missile Systems is the world's largest military aircraft manufacturer, and has delivered more than 130,000 military aircraft to the U.S. government and international customers. Among emerging businesses are unmanned systems, as well as military aircraft that are based on the company's renowned commercial airplanes.
The Boeing Company
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