Astrium buys into Italian firm

Dec. 28, 2011 at 11:01 AM
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PARIS, Dec. 28 (UPI) -- Astrium of France is acquiring the majority stake in Italy's Space Engineering company, a provider of digital telecommunications and radar equipment.

Astrium said acquisition of 66.78 percent of Space Engineering will boost its communications product portfolio and increase its investment in research and development.

"This acquisition reinforces our commitment to Italy, a key player in space, and we will build upon Space Engineering's established product offering, in developing competitive and innovative technologies," said Astrium Chief Executive Officer Francois Auque.

"As a trusted partner of both the Italian and European Space Agencies, Space Engineering will further strengthen our portfolio, enabling us to provide cutting-edge digital telecommunications and RF technologies -- essential for our institutional and commercial customers."

A subsidiary of Space Engineering is Teleinformatica e Sistemi, which is involved in the development of telecommunications, navigation and remote sensing applications and engineering services for civilian and defense uses.

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