Any ideas on the benefit of this move?
ALEXANDRIA, Va., April 20 (Reuters) - Microdyne Corp. said Monday it has changed its two key operations from divisions to wholly owned operating subsidiaries.
With the switch, Microdyne's Support Services Division, headquartered in Alexandria, has been renamed Microdyne Outsourcing Inc. and the Aerospace Telemetry Division, headquartered in Ocala, Fla., has been renamed Microdyne Communication Technologies Inc., it said in a news
release.
The changeover means Microdyne will hold the stock of the two subsisdiaries, which in turn will have separate management teams and report their results separately on Microdyne's financial
statements.
Microdyne outsourcing will continue to be headed by its President Chris Maginniss. Robert Andrews will replace Chris Spitz as president of Microdyne Communication Technologies.
Spitz resigned from the company to go back into real estate development, in which he previously worked, a spokesman said.
Microdyne, through its Microdyne Outsourcing subsidiary, provides outsourced technical support and repair services for electronic products companies. Through its Microdyne Communication Technologies subsidiary, it makes aerospace telemetry receivers used in data gathering and analysis. |
