Rocket Lab Agrees to Pay $16M for Portion of Virgin Orbit Assets

Dow Jones2023-05-24

By Stephen Nakrosis

Rocket Lab USA said Tuesday it is finalizing an asset purchase agreement to buy certain aerospace production and manufacturing assets as part of Virgin Orbit Holdings's chapter 11 bankruptcy auction.

The launch and space systems company said its purchase of the Long Beach, Calif. aerospace production and manufacturing assets is subject to finalizing the purchase agreement and approval by the U.S. Bankruptcy Court.

The company said its successful bid of about $16 million includes the assumption of the lease to Virgin Orbit's headquarters and manufacturing facility in Long Beach, along with certain production assets, machinery and equipment located there.

Peter Beck, founder and chief executive officer of Rocket Lab, said the dead would add to the company's presence in Long Beach and provides co-located engineering, manufacturing, and test capabilities for its Neutron rocket team. The company won't be integrating Virgin Orbit's launch system with its existing services.

Virgin Orbit said Tuesday it will cease operations following its bankruptcy filing and the sale of its assets.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 23, 2023 19:10 ET (23:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2337138159?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-05-24 07:10","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2337138159","market":"us","top_or_hot":-1,"title":"Rocket Lab Agrees to Pay $16M for Portion of Virgin Orbit Assets","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Stephen Nakrosis \n</p>\n<pre>\n \n</pre>\n<p>\n  Rocket Lab USA said Tuesday it is finalizing an asset purchase agreement to buy certain  aerospace production and manufacturing assets as part of Virgin Orbit Holdings's chapter 11 bankruptcy auction. \n</p>\n<p>\n  The launch and space systems company said its purchase of the Long Beach, Calif. aerospace production and manufacturing assets is subject to finalizing the purchase agreement and approval by the U.S. Bankruptcy Court. \n</p>\n<p>\n  The company said its successful bid of about $16 million includes the assumption of the lease to Virgin Orbit's headquarters and manufacturing facility in Long Beach, along with certain production assets, machinery and equipment located there. \n</p>\n<p>\n  Peter Beck, founder and chief executive officer of Rocket Lab, said the dead would add to the company's presence in Long Beach and provides co-located engineering, manufacturing, and test capabilities for its Neutron rocket team. The company won't be integrating Virgin Orbit's launch system with its existing services. \n</p>\n<p>\n  Virgin Orbit said Tuesday it will cease operations following its bankruptcy filing and the sale of its assets. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Stephen Nakrosis at stephen.nakrosis@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  May 23, 2023 19:10 ET (23:10 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rocket Lab Agrees to Pay $16M for Portion of Virgin Orbit Assets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRocket Lab Agrees to Pay $16M for Portion of Virgin Orbit Assets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-24 07:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Stephen Nakrosis \n\n\n \n\n\n  Rocket Lab USA said Tuesday it is finalizing an asset purchase agreement to buy certain  aerospace production and manufacturing assets as part of Virgin Orbit Holdings's ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RKLB","symbol_name":"Rocket Lab USA, Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2337138159","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2337138159","pubTimestamp":1684883400,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"By Stephen Nakrosis \n\n\n \n\n\n  Rocket Lab USA said Tuesday it is finalizing an asset purchase agreemen","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"RKLB":"Rocket Lab USA, Inc.","BK4187":"航天航空与国防","BK4564":"太空概念","VORBQ":"Virgin Orbit Holdings, Inc."},"translate_title":"火箭实验室同意支付1600万美元购买美国维珍轨道公司的部分资产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RKLB":0.9,"VORBQ":0.9},"content_text":"By Stephen Nakrosis \n\n\n \n\n\n  Rocket Lab USA said Tuesday it is finalizing an asset purchase agreement to buy certain  aerospace production and manufacturing assets as part of Virgin Orbit Holdings's chapter 11 bankruptcy auction. \n\n\n  The launch and space systems company said its purchase of the Long Beach, Calif. aerospace production and manufacturing assets is subject to finalizing the purchase agreement and approval by the U.S. Bankruptcy Court. \n\n\n  The company said its successful bid of about $16 million includes the assumption of the lease to Virgin Orbit's headquarters and manufacturing facility in Long Beach, along with certain production assets, machinery and equipment located there. \n\n\n  Peter Beck, founder and chief executive officer of Rocket Lab, said the dead would add to the company's presence in Long Beach and provides co-located engineering, manufacturing, and test capabilities for its Neutron rocket team. The company won't be integrating Virgin Orbit's launch system with its existing services. \n\n\n  Virgin Orbit said Tuesday it will cease operations following its bankruptcy filing and the sale of its assets. \n\n\n \n\n\n  Write to Stephen Nakrosis at stephen.nakrosis@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 23, 2023 19:10 ET (23:10 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2337138159"}