Combined capabilities will provide customers with advanced small-satellite technologies and flexible solutions
ARLINGTON, Va., Sept. 25, 2018 /PRNewswire/ -- Boeing [NYSE: BA] completed the acquisition of Millennium Space Systems, a provider of agile, flight-proven small-satellite solutions. Millennium Space Systems will operate under Boeing Phantom Works as a subsidiary called Millennium Space Systems, A Boeing Company. It will retain an independent operating model while benefiting from Boeing's resources, scale, manufacturing capability and technology research as the leading provider of aerospace products and services.
Boeing first announced the agreement with Millennium Space Systems on August 16, 2018, pending U.S. government approval. Terms of the approved deal were not disclosed and do not affect Boeing's financial guidance or the company's commitment to returning approximately 100 percent of free cash flow to shareholders.
Headquartered in El Segundo, Calif., Millennium Space Systems has approximately 260 employees and has developed high-performance satellites and space systems for exacting missions ranging from 50 KG to more than 6,000 KG.
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Forward-Looking Information Is Subject to Risk and Uncertainty
Certain statements in this release may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding benefits and synergies of the transaction, and future business prospects, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on current assumptions about future events that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially from these forward-looking statements. As a result, these statements speak only as of the date they are made and we undertake no obligation to update or revise any forward-looking statement, except as required by law. Specific factors that could cause actual results to differ materially from these forward-looking statements include the effect of global economic conditions, the ability of the parties to consummate the transaction, our ability to successfully integrate Millennium Space Systems' business and realize anticipated synergies, and other important factors disclosed previously and from time to time in our filings with the Securities and Exchange Commission.