LAS VEGAS, June 4, 2012 /PRNewswire/ -- American Pacific
Corporation ("AMPAC") (NASDAQ: APFC) announced today that it has
reached agreement to divest its Aerospace Equipment segment, also known as
its In-Space Propulsion business, to Moog Inc. (NYSE: MOG.A and MOG.B).
The purchase price is approximately $46 million in cash. The In-Space
Propulsion business, with locations in New York, California, Ireland and the United
Kingdom, is a developer and manufacturer of liquid propulsion systems and
components for satellites and missile defense systems.
Joe Carleone, AMPAC's President and
Chief Executive Officer, commented, "Moog is acquiring a leading
manufacturer of liquid propulsion systems with a reputation in the industry
for its long flight heritage, reliability and high quality customer service.
Our goal was to find a strategic buyer that could continue to grow the
business and we feel that Moog is the right partner for the business. The
divestiture is a strategic shift that allows AMPAC to place more focus on the
growth and performance of its pharmaceutical-related product lines."
The business will report to Jay Hennig,
President of Moog's Space and Defense Group and will provide additional
capabilities, specifically in spacecraft controls. Hennig
stated, "The In-Space Propulsion business complements our existing
components and expands our propulsion systems capabilities. We believe
that this acquisition will expand our European presence and provide
additional scale to serve our customers with a complete satellite control
Sales for In-Space Propulsion for the twelve-month period
ended March 31, 2012 were approximately $51 million. The closing of the
transaction, which is subject to the satisfaction of customary closing
conditions, is expected to occur by September 30, 2012.
Capital Partners is acting as financial advisor and Morrison & Foerster is acting as legal advisor to AMPAC. Hodgson
Russ is acting as legal advisor to Moog Inc.
RISK FACTORS/FORWARD-LOOKING STATEMENTS
Statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Such forward-looking statements include statements regarding
AMPAC's expectations, beliefs or intentions regarding the future and other
statements of management's opinion. Forward-looking statements in this press
release include without limitation statements concerning or relating to
expectations of AMPAC's focus on growth and performance of its
pharmaceutical-related product lines and that the transaction will close by September
30, 2012. Words such as "anticipate", "expect",
"can", "will" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause
AMPAC's actual results, market performance or achievements to differ
materially from any future results, performance or achievements expressed or
implied by such forward-looking statements. The inclusion of
forward-looking statements should not be regarded as a representation by
AMPAC that any of its expectations will be achieved. Factors that could
cause actual results to differ materially from such forward-looking
statements include risks and uncertainties detailed in AMPAC's periodic and
other filings with the Securities and Exchange Commission, including in
Management's Discussion and Analysis of Financial Condition and Results of
Operations and in Risk Factors in AMPAC's annual report on Form 10-K for the
fiscal year ended September 30, 2011 and quarterly reports on Form 10-Q for
the quarters ended December 31, 2011 and March 31, 2012. All forward-looking
statements contained in this release are made as of the date hereof, based on
information available to AMPAC as of the date hereof, and AMPAC assumes no
obligation to update any forward-looking statement, whether for actual
results or otherwise, except as required by law.
ABOUT AMERICAN PACIFIC CORPORATION
AMPAC is a leading custom manufacturer of fine and specialty
chemicals. AMPAC supplies active pharmaceutical ingredients and
advanced intermediates to the pharmaceutical industry. For the
aerospace and defense industry, AMPAC provides specialty chemicals used in
solid rocket motors for space launch and military missiles. AMPAC
produces clean agent chemicals for the fire protection industry, as well as
electro-chemical equipment for the water treatment industry. Additional
information about can be found at www.apfc.com.
ABOUT MOOG INC.
Moog Inc. is a worldwide designer, manufacturer, and
integrator of precision control components and systems. Moog's
high-performance systems control military and commercial aircraft, satellites
and space vehicles, launch vehicles, missiles, automated industrial
machinery, wind energy, marine and medical equipment. Additional
information can be found at www.moog.com.
Contact: Ann Marie Luhr – (716)
SOURCE American Pacific Corporation