Boeing (NYSE: BA) has agreed to purchase El Segundo, Calif.-based Millennium Space Systems for an undisclosed sum in an effort to broaden its portfolio of space and satellite platforms.
Boeing said Thursday it expects the acquisition to conclude by the end of the third quarter of 2018 and will operate Millennium Space Systems as a subsidiary that will report to Mark Cherry, vice president and general manager of Boeing™s Phantom Works business, upon the deal™s closure.
Leanne Caret, president and CEO of Boeing™s defense, space and security business, said the company aims to meet the requirements of a diverse client pool through the addition of Millennium Space Systems™ small-satellite systems to Boeing™s current portfolio.
Caret, a two-time Wash100 recipient, added that Boeing will integrate end-to-end mission capabilities from Millennium Space Systems with its service offerings in the field of data and satellite operations.
Established in 2001, Millennium Space Systems has about 260 employees and builds high-performance satellites whose mass ranges from 50 to 6,000 kilograms.
Boeing said the transaction is subject to customary closing conditions and will have no impact on its financial guidance for 2018.
