Boeing set to acquire Millennium Space Systems to improve defence and space business
The US-based aircraft manufacturing company, Boeing, is set to purchase the small-satellite company, Millennium Space Systems, in a bid to enhance its defence and space business, Washington Business Journal reports.
Millennium Space System focuses at offering cost-efficient access to space to its customers.
The firm sends the small satellites into orbit more efficiently, between one and four years, as well as offering a highly-reduced rate which is thought to save hundreds of millions of dollars.
First established in 2001, the California-based company employs approximately 260 people.
See more:
- Amazon hits $1bn worth of stock in public and private companies
- Cisco’s stock rises 6% after posting better than expected fourth quarter
- Apple set to roll out AR headset and Apple Car by 2025
Leanne Caret, CEO of Boeing’s defence, space and security business, said: “Millennium Space Systems’ expertise in vertically-integrated small-satellite solytions perfectly complements Boeing’s existing satellite portfolio and will allow us to meet the needs of a diverse customer set.”
“We look forward to incorporating Millennium Space Systems’ end-to-end mission solution capabilities into our service offerings in satellite operations and data solutions.”
Terms of the deal have not been revealed, however, it is expected that the acquisition will take place by the end of the third quarter in 2018.
Following the successful completion of the deal, Millennium Space Systems will become a Boeing subsidiary with Mark Cherry, vice president and general manager of Phantom Works, overseeing operations.
