Boeing Set to Enhance Capabilities with Acquisition of Millennium Space Systems, Leaders in Innovative Small-Satellite Technology
Boeing to Acquire Millennium Space Systems
Boeing [NYSE: BA] is set to expand its satellite and space portfolio by acquiring Millennium Space Systems, a leader in agile small-satellite solutions. This strategic acquisition aims to enhance Boeing’s capabilities and broaden its workforce.
“Millennium Space Systems’ expertise in vertically-integrated small-satellite solutions perfectly complements Boeing’s existing satellite portfolio,” stated Leanne Caret, President and CEO of Boeing Defense, Space & Security. “We are excited to integrate their end-to-end mission solution capabilities into our offerings for satellite operations and data solutions.”
Founded in 2001 and headquartered in El Segundo, California, Millennium Space Systems boasts a dedicated team of approximately 260 employees. The company specializes in developing high-performance satellites capable of executing missions ranging from 50 KG to over 6,000 KG.
“I am immensely proud of the talented and dedicated team at Millennium Space Systems,” remarked Stan Dubyn, CEO of Millennium Space Systems. “By merging our innovative tools, exceptional talent, advanced technologies, and unique culture, we will achieve even greater milestones as part of Boeing.”
This acquisition, pending customary conditions, is anticipated to be finalized by the end of the third quarter of 2018. Once completed, Millennium Space Systems will function as a subsidiary of Boeing, maintaining its current business model and reporting to Mark Cherry, Vice President and General Manager of Phantom Works.
The specific terms of the agreement have not been disclosed. Importantly, this transaction will not affect Boeing’s 2018 financial guidance, nor will it compromise the company’s commitment to returning approximately 100 percent of its free cash flow to shareholders.
