ORBITAL COMPLETES $20 MILLION SALE OF SENSOR SYSTEMS DIVISION TO HAMILTON SUNDSTRAND
(Dulles, VA 21 September 2001) -- 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.
Contact: Barron Beneski, 7034065000, beneski.barron@orbital.com
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