Loral Space & Communications

Last updated
Loral Space & Communications Inc.
Company type Public
Nasdaq:  TSAT
Russell 2000 Component
Industry Communications, Space manufacturing
Founded1996;28 years ago (1996)
Headquarters600 Third Avenue,
New York City, New York
,
U.S.
Key people
  • Michael B. Targoff (CEO)
  • Harvey Rein (SVP/CFO)
Products Communications satellite Manufacturing, Satellite Services
Revenue$882M USD  (FY 2007)
Number of employees
  • 21 (2017)
  • 4000 (1998) [1]
Website www.loral.com
archived
Footnotes /references
[2]

Loral Space & Communications Inc. is a Delaware-domiciled satellite communications company headed by Michael B. Targoff. The company was formed in 1996 from the remnants of Loral Corporation when Loral divested its defense electronics and system integration businesses to Lockheed Martin for $9.1 billion. [3] In 2006, Bernard L. Schwartz retired after leading the company for 34 years.

Contents

Loral presently has an investment in Telesat Canada in partnership with the Public Sector Pension Investment Board of Canada, and merged into a new stock offering (TSAT) on the Nasdaq in November, 2020. The company also participates in a number of international and domestic joint ventures, including an ownership stake in XTAR.

History

On March 20, 1998, Loral completed the acquisition of Orion Network Systems, Inc., through the exchange of common stock. The transaction was valued at approximately $479 million. [4]

In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in the disclosure of information during a review of a Chinese rocket launch failure in 1996. [5] Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges. [5] According to a House Select Committee, Loral under CEO Schwartz provided the Chinese government with advice regarding a guidance system for future PRC road-mobile intercontinental ballistic missiles. [6] The Defense Technology Security Administration concluded Loral "committed a serious export control violation" and that the "significant benefits derived by China from these activities are likely to lead to improvements in the overall reliability of their launch vehicles [i.e., rockets] and ballistic missiles and in particular their guidance systems." [7] Loral paid a total fine of $20 million, the largest that a company has ever paid under the Arms Export Control Act. [8]

On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. [9] In conjunction with the filing, Loral announced the sale of its North American satellite fleet to Intelsat to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.

On Feb 1, 2006, a subsidiary of Loral Space & Communications (Loral Skynet) began the construction of Telstar 11N, a powerful new multi-region Ku-band communications satellite. [10]

On October 5, 2007, Loral Space & Communications Inc. and the Public Pension Investment Board of Canada received the final regulatory approval necessary to complete the acquisition of Telesat from BCE Inc. for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 331/3% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.

At the same time, Telesat Canada merged with Loral Skynet, a subsidiary of Loral Space & Communications. [11] This resulted in the transfer of all of the assets of Loral Skynet to Telesat.

On November 2, 2012, Loral Space & Communications Inc. announced the sale of subsidiary Space Systems/Loral (SS/L), to MacDonald Dettwiler. [12]

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The Lockheed Martin Corporation is an American defense and aerospace manufacturer with worldwide interests. It was formed by the merger of Lockheed Corporation with Martin Marietta in March 1995. It is headquartered in North Bethesda, Maryland. As of January 2022, Lockheed Martin employs approximately 115,000 employees worldwide, including about 60,000 engineers and scientists. Reports from 2024 estimate that Lockheed Martin Corporation (LMT) holds a market cap of around $139.7 billion.

<span class="mw-page-title-main">Skynet (satellite)</span> Communications satellite

Skynet is a family of military communications satellites, now operated by Babcock International on behalf of the United Kingdom's Ministry of Defence (MOD). They provide strategic and tactical communication services to the branches of the British Armed Forces, the British intelligence agencies, some UK government departments and agencies, and to allied governments. Since 2015 when Skynet coverage was extended eastward, and in conjunction with an Anik G1 satellite module over America, Skynet offers near global coverage.

<span class="mw-page-title-main">Northrop Grumman</span> American aerospace, defense corp. founded 1994

Northrop Grumman Corporation is an American multinational aerospace and defense company. With 95,000 employees and an annual revenue in excess of $30 billion, it is one of the world's largest weapons manufacturers and military technology providers. The firm ranked No. 101 on the 2022 Fortune 500 list of America's largest corporations.

Loral Corporation was a defense contractor founded in 1948 in New York by William Lorenz and Leon Alpert as Loral Electronics Corporation. The company's name was taken from the first letters of each founder's surname.

Skynet may refer to:

<span class="mw-page-title-main">Telesat</span> Canadian satellite communications company

Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.

<span class="mw-page-title-main">Nimiq</span> Canadian fleet of communication satellites

The Nimiq satellites are a Canadian fleet of geostationary telecommunications satellites owned by Telesat and used by satellite television providers including Bell Satellite TV and EchoStar. 'Nimiq' is an Inuit word used for an object or a force which binds things together. A contest in 1998 was held to choose the name of these satellites. The contest drew over 36,000 entries. Sheila Rogers, a physiotherapist from Nepean, Ontario, submitted the winning name.

COMSAT is a global telecommunications company based in the United States.

Intelsat 708 was a telecommunications satellite built by the American company Space Systems/Loral for Intelsat. It was destroyed on 15 February 1996 when the Long March 3B launch vehicle failed while being launched from the Xichang Satellite Launch Center in China. The launch vehicle veered off course immediately after liftoff and struck a nearby village, killing at least six people.

<span class="mw-page-title-main">Commercial use of space</span> General space-related commerce

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Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.

Galaxy 28 is a communications satellite owned by Intelsat located at 89° West longitude, serving the North America and South America market. It was built by Space Systems/Loral, as part of its SSL 1300 line = . aka Galaxy 28 was formerly known as Telstar 8 and Intelsat Americas 8. This satellite provides services in the C-band, Ku-band, and Ka-band.

<span class="mw-page-title-main">Telstar 12</span> Communications satellite

Telstar 12, previously known as Orion 2, is a Canadian communications satellite in the Telstar series which is operated by Telesat. It was originally built for Orion Network Systems, which merged with Loral Skynet shortly before the satellite was launched. It was subsequently transferred to Telesat when it merged with Loral Skynet in 2007.

<span class="mw-page-title-main">MDA (company)</span> Canadian space technology company

MDA Space Ltd. is a Canadian space technology company headquartered in Brampton, Ontario, Canada, that provides geointelligence, robotics and space operations, and satellite systems.

<span class="mw-page-title-main">Telstar</span> Name of various communications satellites

Telstar is the name of various communications satellites. The first two Telstar satellites were experimental and nearly identical. Telstar 1 launched on top of a Thor-Delta rocket on July 10, 1962. It successfully relayed through space the first television pictures, telephone calls, and telegraph images, and provided the first live transatlantic television feed. Telstar 2 was launched May 7, 1963. Telstar 1 and 2—though no longer functional—still orbit the Earth.

Telstar 14R, also known as Estrela do Sul 2 is a commercial communications satellite in the Telstar series built by Space Systems/Loral for Telesat to provide Ku-band communications to South America and the Southern United States. It is a replacement for Telstar 14, whose north solar array failed to open after launch, limiting its mission effectiveness. Telstar 14R experienced the same problem, with its north solar array failing to open too, but is now in service despite that failure.

Telstar 14 or Estrela do Sul 1 is a commercial communications satellite in the Telstar series built by Space Systems/Loral (SS/L) for Telesat to provide Ku-band communications to South America and the Southern United States. Estrela do Sul 1 was launched by Sea Launch using a Zenit-3SL carrier rocket on 11 Jan 2004 for geosynchronous orbit at 63 degrees west.

Maxar Technologies Inc. is a space technology company headquartered in Westminster, Colorado, United States, specializing in manufacturing communication, Earth observation, radar, and on-orbit servicing satellites, satellite products, and related services. DigitalGlobe and MDA Holdings Company merged to become Maxar Technologies on October 5, 2017.

Telstar 11 is a communication satellite in the Telstar series of the Canadian satellite communications company Telesat. The satellite was launched in 1994.

<span class="mw-page-title-main">Telstar 19V</span> Communications satellite launched in 2018

Telstar 19V(Telstar 19 Vantage) is a communication satellite in the Telstar series of the Canadian satellite communications company Telesat. It was built by Space Systems Loral (MAXAR) and is based on the SSL-1300 bus. The satellite was designed to provide additional capacity over the North Atlantic region. As of 26 July 2018, Telstar 19V is the heaviest commercial communications satellite ever launched, weighing at 7,076 kg (15,600 lbs) and surpassing the previous record, set by TerreStar-1 (6,910 kg/15230lbs), launched by Ariane 5ECA on 1 July 2009.

References

  1. ↑ https://web.archive.org/web/19981201235551/http://www.loral.com/careers.html
  2. ↑ "Loral Space & Communication 2017 Annual Report" . Retrieved November 14, 2018.
  3. ↑ "Lockheed Martin To Settle Charges in Loral Acquisition". Federal Trade Commission. 1996-04-18. Retrieved 2020-11-27.
  4. ↑ "LORAL COMPLETES ACQUISITION OF ORION NETWORK SYSTEMS". Mar 20, 1998. Archived from the original on 2014-08-19.
  5. 1 2 "LORAL AND U.S. GOVERNMENT SETTLE 1996 CHINESE LAUNCH MATTER". Archived from the original on 2008-06-21. Retrieved 2009-12-19. "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
  6. ↑ "Appendices". Archived from the original on 21 October 2017. Retrieved 3 September 2021.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  7. ↑ "Chapter 6 - Satellite Launches in the PRC - Loral". Archived from the original on 21 October 2016. Retrieved 12 March 2014.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  8. ↑ "StackPath". April 2002.
  9. ↑ Feder, Barnaby J. (2003-07-15). "Loral Files for Bankruptcy; Boeing to Take $1.1 Billion Charge". The New York Times. ISSN   0362-4331 . Retrieved 2021-06-21.
  10. ↑ "CONSTRUCTION OF LORAL SKYNET'S TELSTAR 11N SATELLITE BEGINS AT SPACE SYSTEMS/LORAL". Feb 1, 2006. Archived from the original on 2013-06-15.
  11. ↑ "BCE sells Telesat to Loral for $3 bil | Hollywood Reporter". www.hollywoodreporter.com. 19 December 2006. Retrieved 2021-01-05.
  12. ↑ "Loral Closes Sale of Space Systems/Loral to MDA". Loral Space & Communications Inc. 2 November 2012. Archived from the original on 3 September 2021. Retrieved 3 September 2021.
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