Press releases () Oerlikon to sell Space business unit to RUAG
Joint Media Release of RUAG and OerlikonPfäffikon SZ / Bern, June 2, 2009 - OC Oerlikon and RUAG today announced that RUAG will acquire 100% of Oerlikon Space AG. The undisclosed purchase price will be paid in cash. Closing of the transaction is expected mid 2009, following clearance from the relevant merger control authorities. Oerlikon successfully achieves an additional milestone in focusing of the portfolio around its core competencies. At the same time, RUAG significantly broadens and expands its position in the European and US aerospace industry following the acquisition of Saab Space and Austrian Aerospace in 2008. All 380 employees of Oerlikon Space based in Switzerland will transfer to RUAG after closing of the transaction.
Located in Zurich, Switzerland, Oerlikon Space is one of the major suppliers for Payload Fairings in composite technology. Moreover, the company is a European provider of structures, mechanical and electro-optical subsystems for applications in Space. Due to its relatively small size and limited synergies with the Oerlikon core competencies in interface and surface technologies, Oerlikon Space was defined as a non core business in the course of last year. "The agreement with RUAG fulfils all criteria we have defined for the announced process of controlled divestures at Oerlikon. The transaction strengthens our capital base and deals responsibly with all stakeholders, notably our customers, industrial partners and employees. We are therefore satisfied to have found the right solution for the prosperous future of the Space business", says Dr. Uwe Krüger, CEO of Oerlikon. "We are delighted to have Oerlikon Space to join the RUAG Group. Already today, both companies maintain close relationship, for example RUAG supplying Oerlikon Space in the area of Payload Fairings. The combination of our businesses under one umbrella as a competitive aerospace supplier out of the three countries Switzerland, Sweden and Austria strengthens RUAG's position and opens up new attractive opportunities for our customers and partners as well as our staff," comments Dr. Lukas Braunschweiler, CEO RUAG Holding AG.