TRW Space Group to Buy Astro Aerospace
TRW Inc.’s Space & Electronics Group in Redondo Beach said it will buy Astro Aerospace Corp. for $30 million in cash. Astro Aerospace, a subsidiary of Spar in Toronto, is based in Carpinteria and makes masts, booms, antenna deployers and other mechanical equipment for satellites and other space vehicles. The company employs about 100 people and had sales of about $23 million in 1997. TRW’s Redondo Beach unit makes solar arrays and other space products. The companies plan to complete the deal in January. TRW said Astro Aerospace will become a subsidiary of its space and electronics group. It would not be relocated, and no layoffs are planned, TRW said.
For the record:
12:00 a.m. Dec. 23, 1998 For the Record
Los Angeles Times Wednesday December 23, 1998 Home Edition Business Part C Page 3 Financial Desk 2 inches; 44 words Type of Material: Correction
TRW purchase--TRW Inc.’s Space & Electronics Group agreed to pay about $19.8 million--or roughly $30 million Canadian--in cash to buy Astro Aerospace Corp., a unit of Spar Aerospace Ltd. A report in Tuesday’s paper incorrectly listed the purchase price by not indicating that the amount was in Canadian dollars.
