Boeing is buying small-satellite maker Millennium Space Systems

Boeing is acquiring a satellite company to beef up its defense and space business. 

Millennium Space Systems is based in El Segundo, California, and is working to bring low-cost access to space to its customers. Small satellites can be sent into orbit relatively quickly — 12 to 48 months — and cheaply, at a cost of millions of dollars as opposed to hundreds of millions or even billions.

The company was launched in 2001 and employs 260 people. Terms of the deal weren’t disclosed. Leanne Caret, CEO of Boeing’s defense, space and security business, said in a statement the acquisition will better enable the company to address a diverse set of customer needs and will complement its existing satellite portfolio.  

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