Lockheed Martin to remain in commercial satellite business
Posted: Fri, Jan 17, 2003, 7:24 PM ET (0024 GMT)
Lockheed Martin announced Friday that it plans to continue an "aggressive realignment initiative" in its commercial satellite unit rather than sell it or shut it down. In a statement, company executives said that it had completed an evaluation of strategic options for its Commercial Space Systems (LMCSS) business and elected to continue an effort to consolidate and streamline the division. Lockheed Martin had been considering discontinuing the unit or combining it with the satellite manufacturing division of rival Loral, given the current weak demand for commercial communications satellites. LMCSS is one of five major manufacturers of large commercial satellites, along with Loral, Boeing, Astrium, and Alcatel; all have been hit by the drop in demand. LMCSS makes the A2100 series of communications satellites, five of which were launched in 2002.
Lockheed Martin announced Friday that it plans to continue an "aggressive realignment initiative" in its commercial satellite unit rather than sell it or shut it down. In a statement, company executives said that it had completed an evaluation of strategic options for its Commercial Space Systems (LMCSS) business and elected to continue an effort to consolidate and streamline the division. Lockheed Martin had been considering discontinuing the unit or combining it with the satellite manufacturing division of rival Loral, given the current weak demand for commercial communications satellites. LMCSS is one of five major manufacturers of large commercial satellites, along with Loral, Boeing, Astrium, and Alcatel; all have been hit by the drop in demand. LMCSS makes the A2100 series of communications satellites, five of which were launched in 2002.
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