European Aerospace Firms Eye Joint Satellite Venture to Compete with Global Rivals

European aerospace companies Airbus, Leonardo Spa, and Thales SA are pushing forward with plans to establish a joint satellite production entity, aiming to compete with global players like Elon Musk's Space Exploration Technologies Corp and growing Asian competitors. The proposed accord could be finalized this year, according to senior officials from the involved companies. The new European firm would offer production and launch services to both military and civilian clients, emphasizing the need for flexibility to stay competitive in the market.

Key Takeaways:

The joint satellite venture between Airbus, Leonardo Spa, and Thales SA is expected to be finalized this year, with a focus on competing with global rivals.
The new European firm will offer production and launch services to both military and civilian clients, highlighting the need for flexibility in the market.
Roberto Cingolani, head of Italy's Leonardo aerospace and defence giant, emphasized the importance of competing with US and Chinese rivals, requiring the new entity to be more "flexible."
Michael Schoellhorn, chief executive of Airbus Defence and Space, attributed the delay in finalizing the accord to national and transnational "complexities" of the negotiations.
The proposed joint venture aims to counter growing low-cost competition from Asia and other countries.

Statistics:

Airbus shares closed at EUR193.22, down 0.4% on Friday in Paris.
Thales shares closed at EUR250.50, up 2.8% on Friday.
Leonardo shares closed at EUR50.50, up 1.4% on Friday.
The joint satellite venture aims to compete with global players like Elon Musk's Space Exploration Technologies Corp and growing Asian competitors.

Sources:

Corriere della Sera