From: Maxar Technologies
Posted: Friday, December 7, 2018
Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a global technology innovator powering the new space economy, today announced it has completed the sale of its Building 1 in Palo Alto, California, which sits on roughly 4.5 acres, for $70 million. After the sale, the company retains roughly 24 acres of office, R&D and manufacturing facilities in Palo Alto.
Approximately 400 satellite design and production engineers currently work in Building 1, located across the street from the main SSL campus in Palo Alto. These employees will be relocated to nearby Building 21. Customer workspaces are also being relocated to Building 21, and no production or customer work is expected to be impacted as a result of this move.
"With the sale of Building 1, we have reduced the SSL footprint in Palo Alto for improved efficiency and have freed up capital," said Biggs Porter, Chief Financial Officer of Maxar Technologies. "The net proceeds from this transaction will be used to pay down Maxar debt."
SSL, based in Palo Alto, California, is a leading provider of advanced spacecraft systems, with broad expertise to support commercial and government satellite operators and innovative space missions. The company designs and manufactures spacecraft for services such as direct-to-home television, video content distribution, broadband internet, mobile communications, in-orbit servicing, space exploration, and Earth observation. As a Silicon Valley innovator for 60 years, SSL's advanced product line includes state-of-the-art small satellites, and sophisticated robotics and autonomous solutions for remote operations. SSL is a Maxar Technologies company (NYSE: MAXR) (TSX: MAXR). For more information, visit www.sslmda.com.
About Maxar Technologies
As a global leader of advanced space technology solutions, Maxar Technologies (formerly MacDonald, Dettwiler and Associates) is at the nexus of the new space economy, developing and sustaining the infrastructure and delivering the information, services, systems that unlock the promise of space for commercial and government markets. As a trusted partner, Maxar Technologies provides vertically integrated capabilities and expertise including satellites, Earth imagery, robotics, geospatial data and analytics to help customers anticipate and address their most complex mission-critical challenges with confidence. With more than 6,500 employees in over 30 global locations, the Maxar Technologies portfolio of commercial space brands includes MDA, SSL, DigitalGlobe and Radiant Solutions. Every day, billions of people rely on Maxar to communicate, share information and data, and deliver insights that Build a Better World. Maxar trades on the Toronto Stock Exchange and New York Stock Exchange as MAXR. For more information, visit www.maxar.com.
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