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BFGoodrich Acquires Satellite Components Supplier
Charlotte - September 23, 1999 - BFGoodrich has acquired Ithaco Space Systems, Inc. in a strategic move that will help build the company�s space systems business into a significant part of the company�s $4 billion aerospace segment. Ithaco, with annual sales in the $10-$15 million range, designs and manufactures advanced components for the subsystem that controls the attitude of satellites as they orbit the earth. The company, which will remain in Ithaca, New York, is solidly profitable and experiencing very fast revenue growth. The purchase price was not disclosed. In commenting on the acquisition, John Grisik, President, BFGoodrich Aerospace Sensors & Integrated Systems Group, said, "Ithaco is a great addition to our space systems business and should accelerate the dramatic growth that this increasingly significant part of our aerospace business is achieving. "Ithaco�s products are a great fit with the command and control products offered by our Data Systems Division and they expand our total offering for space applications which also includes temperature sensors and fuel instrumentation," said Grisik. Ithaco�s principal products include torque rods and reaction wheels that work together to assure that a satellite maintains the proper position in earth orbit. The torque rod is a highly accurate, low-speed motor that moves solar panels and other equipment precisely as required. The reaction wheel is a spinning mass that provides the counter balance necessary in space when the torque rods operate. The company, which employs approximately 100 people, will operate as part of the BFGoodrich Aerospace Data Systems Division, located in Albuquerque, NM.
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