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Lockheed Martin, Loral considering merging satellite units
Posted: Thu, Jun 6, 2002, 9:10 AM ET (1310 GMT)
Lockheed Martin A2100 satellite illustration Lockheed Martin and Loral are in talks to merge their rival satellite manufacturing divisions into a single venture, the Wall Street Journal and other sources reported Wednesday. Talks about a potential merger of the units have been underway for several months, according to the Journal article, but are apparently not yet close to completion. The potential combination of the two companies, the second- and third-largest satellite manufacturers in the US, was prompted by a weak telecommunications market that has reduced demand for spacecraft. The combined company would have annual revenues of $1 billion and a $1.8-billion backlog of commercial orders. Officials with both companies hope a combined satellite manufacturer could better compete with Boeing, the largest American satellite builder, as well as European rivals Astrium and Alcatel.
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