Firm buys space propulsion unit

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Tuesday, April 27, 2004 | 11:04 a.m.

American Pacific Corp., a Las Vegas chemical and rocket fuel maker, said Monday it agreed to acquire the in-space propulsion business of Aerojet-General Corp. for $3.5 million in cash and the assumption of liabilities.

The unit makes small thruster rockets used to position satellites in space.

In October, Aerojet acquired Atlantic Research Corp.'s propulsion business, including the in-space business. As a condition of the Federal Trade Commission's approval of that acquisition, Aerojet was required to divest the in-space business.

The unit has operations in Niagara Falls, N.Y.,and in Westcott, England, and reported 2003 sales of about $13 million.