Posted: Mon, Jul 12, 2004, 8:46 PM ET (0046 GMT)
Alliant Techsystems (ATK) announced Monday that it reached an agreement to acquire satellite component manufacturer PSI Group. Based in southern California, PSI Group consists of Pressure Systems Inc., Programmed Composites Inc., and Able Engineering Company, Inc.; the three companies produce a variety of propellant tanks, solar arrays, deployable structures, and other satellite components. ATK said it made the acquisition to increase "the company’s content on missions, thereby expanding market opportunities." PSI Group will join ATK's Advanced Propulsion and Space Systems The value of the deal, scheduled to close in one month, was not disclosed. PSI Group has annual revenues of $100 million and 350 employees.

Related Links:

•  Reuters article
•  AP article
•  UPI article
•  Minneapolis St.Paul Business Journal article
•  ATK press release