Maxar plans to sell GEO satellite unit
Posted: Sun, Nov 4, 2018, 8:57 AM ET (1357 GMT)
Maxar confirmed plans Wednesday to sell its GEO satellite business unit. In an earnings call, Maxar CEO Howard Lance said the company's "primary path" is to sell its SSL unit, and that Maxar is in talks with multiple unnamed companies interested in buying it. Lance said a deal could be announced by the end of this year. SSL, which has suffered layoffs and inefficiencies caused by a drop in demand for GEO satellites, is also dealing with a defective component that will have to be replaced on several satellites under construction, Lance said. While Maxar's Space Systems unit saw a drop in revenue because of decreased GEO business, the company is seeing growth in small smallsats and work with the U.S. government.
Maxar confirmed plans Wednesday to sell its GEO satellite business unit. In an earnings call, Maxar CEO Howard Lance said the company's "primary path" is to sell its SSL unit, and that Maxar is in talks with multiple unnamed companies interested in buying it. Lance said a deal could be announced by the end of this year. SSL, which has suffered layoffs and inefficiencies caused by a drop in demand for GEO satellites, is also dealing with a defective component that will have to be replaced on several satellites under construction, Lance said. While Maxar's Space Systems unit saw a drop in revenue because of decreased GEO business, the company is seeing growth in small smallsats and work with the U.S. government.
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