ATK Launch Systems and Space Systems Joining to Prepare for Future Growth in Space-Based Markets
New Organization Reflects ATK's Leadership Position in Launch Systems and Satellite Services
Supports Missile Defense, Strategic Deterrence and Evolving Prompt Global Strike Mission Requirements
Carl Marchetto Named Group President
MINNEAPOLIS, June 10 /PRNewswire-FirstCall/ -- Alliant Techsystems (NYSE: ATK) announced today that its Launch Systems and Space Systems groups are combining into a single business unit to prepare for future growth in space-related markets, next-generation missile defense, and prompt global strike missions. The new organization is a natural alignment of the company's space-related businesses that will deliver increased operating efficiencies, while creating a broader customer base for ATK's technology portfolio. Carl Marchetto, the current President of the company's Space Systems group will lead the new organization, which will retain the Space Systems name.
Ron Dittemore, who has served as the President of the Launch Systems group, will become the company's Senior Vice President of Strategic Partnerships, reporting directly to Chairman and CEO Dan Murphy. In his new capacity, Mr. Dittemore will lead the company's efforts in support of NASA's space exploration vision. Under his leadership, Launch Systems' revenue grew from $800 million in annual sales to more than $1.2 billion. In addition, the group secured the prime contract for the first stage of NASA's next-generation launch vehicle, the Ares I.
The new Space Systems group will be the world's largest solid rocket launch systems provider. In addition to its launch vehicle and propulsion expertise, ATK Space Systems will be a leading manufacturer of components and subsystems for satellites as well as spacecraft. The group will also be home to an advanced materials technology infrastructure that will benefit both launch services and satellite customers.
The group will have approximately 6,600 employees and operate in 10 states. FY09 revenues for the group are expected to be greater than $1.6 billion.
"This new organization consolidates ATK's full-spectrum space services capabilities, provides a single face to our customers, and positions us for future growth in space," said Murphy. "Under Carl Marchetto's leadership, I am confident that the business will deliver enhanced value for our shareholders."
ATK is a premier aerospace and defense company with more than 17,000 employees in 21 states and $4.5 billion in revenue. 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 these risks, trends and uncertainties are: the ability to expand the company's customer base; achieving the goal of increased operating efficiencies; changes in governmental spending, budgetary policies and product sourcing strategies; the company's competitive environment; risks inherent in the development and manufacture of advanced technologies; the terms and timing of awards and contracts; and economic conditions. ATK undertakes no obligation to update any forward-looking statements. For further information on factors that could impact ATK, and statements contained herein, please refer to ATK's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
Media Contact: Investor Contact: Bryce Hallowell Steve Wold Phone: 952-351-3087 Phone: 952-351-3056 E-mail: email@example.com E-mail: firstname.lastname@example.org
|Join the GlobalSecurity.org mailing list|