I think the merger has been terrifically successful during. Our first year of combined operations I think this is reflected in a number of areas the reaction of our customers has really been fantastic if we look back over. The course of 2015 the company set a record for new business bookings another area that's very important to the company is the reaction of the financial community and in particular our shareholders. And they've done very well over the past year and finally from the standpoint of our employees the the company's growth and the diversity of our product lines allowed us to hire over 1,300 new employees so orbital ATK at the one-year point is well ahead of my. Expectations for everything that we've accomplished we're operating seamlessly. As one company so I'd. Like to thank everyone involved for that terrific accomplishment this includes for our customers to deliver safe reliable innovative products the fact that we executed industry-leading safety and environmental performance we had improvements in quality and on-time delivery as well as program execution across the board thanks to. All the planning done by a great team of people it went extremely smoothly and and much as we expected it's been a very positive merger in terms of value creation and that's what this is all about for all of those involved which includes our shareholders of course our customers. Our suppliers and the 12,000 colleagues at orbital ATK world we've also created from a very specific monetary standpoint 1.5 billion dollars of value creation. For our shareholders which is significant since the merger in the first year alone we've achieved significant efficiencies through the merger of the company through cost reductions we've also initiated a major stock. Buyback program and thirdly we have renegotiated on very favorable terms our capital structure from a financial standpoint we're hitting on all cylinders and we're just beginning in the defense systems group we want a number of very strategic programs and pursuits important to our future we increased our backlog considerably we achieved our 25% international well ahead of schedule we. Deliver over a billion products and throughout all this we delivered innovation that was unmatched in our industry. We developed game-changing technologies for guided ammunition and have the capability of steering bullets we fielded precision weapons to our troops and. Give them tremendous overmatch capability and we loaded up our international pipeline creating great opportunities for the future and. We did all this safely continuously improving our quality and reducing our costs I'm proud to work with the men and. Women of the Defense Systems Group and every day it's it's impressive to see what our team delivers to our customers I came. From the orbital side of the business we knew the ATK side very well we bought components. From them for years we work with them on propulsion systems and we had a. Good partnership over the years and we personally knew each other in a lot of cases so we already had good relationships going on. Bringing those two. Teams together I think was almost a natural a good example is the Cygnus spacecraft that flew to the space station in December of last year actually incorporated new components that. Were originally designed by a legacy ATK. Such as the solar arrays a very visible part of it that are circular now rather than rectangular and it was a great example of how the two companies come together. Were able to combine technology. Essentially and then fly successful into the station it all worked we're doing the same thing with beginning to purchase components from the California operation to. Supply our our Geo star three satellites so the first year has actually gone even better than most of us expected it to I believe the merger of orbital and ATK has been a natural fit the two companies had been working together for more than. 25 years dating back to the development of Pegasus cultures are very similar. The people are great in. Both companies and it's been a great success orbital ATK is now a larger more capable aerospace and defense company with very strong presence and launch vehicles and in strategic propulsion and in composite structures and you get a capability. That's really unmatched in our industry that capability is going to provide a lot of value. For our customers in the future across the board I would. Give us very good marks for the progress that we've achieved during our first year of combined. Operations and also they're a very strong foundation.
▼Orbital Sciences Corporation Company News
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