Ampac-ISP, a Dublin-based developer of space rocket propulsion components that have been used by vehicles such as Ariane, has been sold as part of a wider divestment by its US parent.
Las Vegas-headquartered American Pacific Corporation said it has agreed to sell its in-space propulsion business to New York-based Moog for $46m (€37m) in cash. Moog, which is listed on the New York Stock Exchange, designs systems used in a diverse range of items, from space launch vehicles and missiles, to medical equipment.
Ampac CEO Joe Carleone said it had sought a buyer that could continue to grow the business to allow it to focus on its pharmaceutical-related lines.
The managing director of Ampac-ISP Europe, David Gibbons, was uncontactable for comment yesterday.
The latest publicly available accounts for the Dublin-based arm, for the 12 months to the end of September 2010, show the business generated turnover of €2.9m that year, up from €1.7m in the previous period.
It made a €16,000 operating profit after recording a €517,000 operating loss in the period to the end of September 2009.
Ampac said its group in-space propulsion division -- which also has offices in the UK and the US -- generated sales of $51m (€41m) in the 12 months to the end of last March.
Ampac's Irish business was originally established back in 1982 as a unit of Aer Lingus and had already provided engineering solutions for the space industry.