Andrew To Sell SatCom Business To Ohio Equity Firm
[11-09-07 – Satellite Today] Andrew Corp. will sell its Satellite Communications business to Resilience Capital Partners, Andrew announced Nov. 6.
Andrew will receive up to $39 million in total potential cash consideration, as well as a 17 to 20 percent ownership stake in the new company.
"We believe the Satellite Communications business and its people will have a brighter future and greater prospects for success as a standalone company with a singular focus of meeting the needs of its worldwide customers," Jude Panetta, group president, Satellite Communications for Andrew, said in a statement. "We worked extensively over the last two years to move away from unprofitable businesses and markets and, through innovative product development, to enter new and more profitable markets such as military satellite communications, electronics and mobile platforms. We are pleased with this agreement, and are optimistic that the Satellite Communications business will achieve its full potential as a standalone business under the guidance of Resilience Capital."
The deal is expected to close by the end of the year.