South Korean Company Buys SeaSpace

The San Diego Business Journal has reported that Allied Defense Group Inc., a Vienna, Va.-based defense contractor, announced July 25 that it has sold subsidiary SeaSpace Corp. of Poway for $1.7 million. Acetopia Holdings of Seoul, South Korea, purchased the company. Allied said the sale reflects an ongoing business plan to “eliminate losing business operations” to deliver value to shareholders. SeaSpace provides satellite ground operations and processing software and was established in 1982.