San Francisco, CA--October 14, 2004--Lawyers in Morrison & Foerster's San Francisco, London and New York offices advised American Pacific Corporation in its acquisition of the satellite thruster, in-space propulsion or "ISP", business of Aerojet General Corporation.
The ISP business is a world-wide leader in commercial and military satellite propulsion products with operations in Niagara Falls, New York and Westcott, England. These systems keep satellites in orbit, "altitude", and pointed in the right direction, "attitude". In 2003, the ISP business had sales of approximately $13 million.
An Asset Purchase Agreement was signed April 26, 2004; the deal was approved by the Federal Trade Commission in September, and closed October 1, 2004.
"This deal really was rocket science," said partner Zane Gresham, who headed the team that closed the deal. "Cross-border deals in the space industry are rare. Morrison's capabilities in the United States and the U.K., enabled us to serve American Pacific efficiently from London, New York, and Washington, as well as our San Francisco office. We brought together attorneys in key practice areas with aerospace industry experience to provide optimum service for our client."
American Pacific (NASDAQ: APFC) is a specialty chemical company that produces products used primarily in space flight and defense systems, automotive airbag safety systems, fire extinguishment systems and explosives.
Aerojet, a GenCorp Inc. company (NYSE: GY) is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, and defense and armaments markets.