Satellite maker sells Smithfield plant
Published: Wed, Nov. 07, 2007 11:15AM
Modified Wed, Nov. 07, 2007 11:18AM
E-Mail
Print
tool name
closeAndrew Corp. is selling its satellite-dish manufacturing plant in Smithfield along with the rest of its satellite communications business to a private equity firm based in Cleveland for up to $39 million.
The new owner intends to retain the company's 250 employees in Smithfield, said Andrew Corp. spokesman Rick Aspan.
Andrew announced Tuesday that it was selling the business to Resilience Capital Partners, which focuses on acquiring businesses that aren't performing up to snuff. Since its founding in 2001, the firm has acquired 15 companies with combined revenue of more than $1 billion.
More Business
The satellite communications' business revenue and profitability -- it has been losing money -- have lagged behind expectations, said Aspan.
"We felt that a buyer for the business could help it be singularly focused on satellite communications and would help its long-term performance," he said.
david.ranii@newsobserver.com or (919) 829-4877
Get it all with convenient home delivery of The News & Observer.
The News & Observer is pleased to be able to offer its users the opportunity to make comments and hold conversations online. However, the interactive nature of the internet makes it impracticable for our staff to monitor each and every posting.
Since The News & Observer does not control user submitted statements, we cannot promise that readers will not occasionally find offensive or inaccurate comments posted on our website. In addition, we remind anyone interested in making an online comment that responsibility for statements posted lies with the person submitting the comment, not The News and Observer.
If you find a comment offensive, clicking on the exclamation icon will flag the comment for review by the administrators, we are counting on the good judgment of all our readers to help us.
