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ATK to Acquire PSI Group

16 July 2004

ATK has agreed in principle to acquire the PSI Group, which includes Pressure Systems Inc., Programmed Composites Inc., and Able Engineering Company, Inc.

The PSI Group, a manufacturer of satellite components and propellant tanks, provides critical components for the emerging needs of the U.S. military, including next-generation global positioning, navigation and communication satellites.

Headquartered in California, PSI has annual revenues of approximately $100 million and employs approximately 350 people. With its focus on state-of-the art technologies, PSI will join ATK's Advanced Propulsion and Space Systems (APSS) group. Don Shaffer, group vice president, APSS, said PSI's capabilities strengthen the company's portfolio as a system level integrator for satellite structures and other spacecraft.

"The acquisition enhances our ability to provide the most advanced space systems in the world," said Shaffer. "Combined with ATK's existing composite and propulsion technologies, we are well positioned to capture emerging opportunities in spacecraft integration and satellite technology."

PSI claims to be the world's largest provider of pressure tanks for satellites and launch vehicles. PSI regards itself as an industry leader in manufacturing composite satellite bus structures, panels, and reflectors for space-based applications. New York-based Windward Capital Partners is the majority owner of the PSI Group.