Lockheed Martin not building satellites profitably
February 21, 2020
By Chris Forrester
Aerospace giant Lockheed Martin (LM), disclosing the numbers in a filing to the USA’s Securities & Exchange Commission (SEC), said that it has lost millions of dollars in building three communications satellites.
LM said that the three satellites, including Japan’s JCSAT-17 launched earlier this week on an Arianespace rocket, represented cumulative losses of about $410 million.
The two other satellites were built for Arabsat (Arabsat-6A and the HellasSat-4). HellasSat was a condominium satellite with Saudi Arabia’s GeoSat-1.
LM, in its filing with the SEC, said the three satellites “experienced performance issues related to the development and integration” of their newly developed LM2100 platform.
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