Business & Labor
Wed April 30, 2014
Alliant Techsystems Spins Off Sporting Group in Deal with Orbital Sciences
Alliant Techsystems announced it is merging the majority of its holdings with Orbital Sciences. The company is best known in Utah as ATK with operations in Magna, Clearfield and Promontory. A company press release says the 1-point-seven billion dollar deal involves spinning off the parent company’s Sporting Group. Those include Bushnell and Savage that have ammunition, gun, and scope operations in the state.
Spencer Eccles is the Executive Director of the Governor’s Office of Economic Development. He says this is a very exciting deal for Utah with a tremendous amount of opportunity.
“The relationship we have with them has been strong, we appreciate them very much. You know I think that their growth that they’ve had here and their potential growth that we’d like to see them continue to do and attract other additional business segments of their company here, it speaks to the focus that Utah has had over the years and in particular under Governor Herbert’s administration on making it a very business-friendly environment,” says Eccles. “And companies are finding that not only do they want to be here but they have to be here.”
ATK’s President and CEO Mark W. DeYoung said in a statement that the change creates "two strong, standalone companies committed to sustained leadership and success in their markets."
ATK stock was initially up on the announcement yesterday but fell throughout today. It closed down 2.7 percent at $144.22. Orbital Sciences Corporation closed down 5 percent at $29.39.