Swiss aerospace, defense and security technology group, Ruag has purchased Oerlikon Space AG, the space division of Swiss technology developer Oerlikon for an undisclosed amount of cash, Oerlikon announced June 2.
    Oerlikon Space AG was defined as a non-core business by its parent company in 2008 and was sold due to its relatively small size and limited synergies with the Oerlikon core competencies in interface and surface technologies, Oerlikon said.
    “The agreement with RUAG fulfils all criteria we have defined for the announced process of controlled divestures at Oerlikon. The transaction strengthens our capital base and deals responsibly with all stakeholders, notably our customers, industrial partners and employees. We are therefore satisfied to have found the right solution for the prosperous future of the Space business”, said Uwe Krüger, CEO of Oerlikon, in a statement.
    According to Ruag, all 380 employees will be transferred to Ruag after the transaction closes, which is expected in mid-2009. This is the third major acquisition for Ruag in the past 18 months. The company expanded its position in the European and U.S. aerospace industry following the acquisition of Saab Space and Austrian Aerospace in 2008.