Lockheed Martin Corp has completed its acquisition of Terran Orbital, a small satellite manufacturer, for approximately $450 million. This acquisition enhances Lockheed's presence in the commercial satellite sector and allows them to leverage Terran's expertise in low-cost satellite production for military and commercial applications.
Terran Orbital will now operate under the new branding of "Terran Orbital, a Lockheed Martin Company," while continuing to serve as a merchant supplier for the broader space industry.
Lockheed Martin has gradually increased its ownership stake in Terran Orbital over the years, initially investing through its venture capital arm. This partnership has allowed Lockheed to integrate Terran Orbital's satellite buses into various military projects and has involved technology demonstrations funded by Lockheed.
Terran Orbital, originally founded in 2011, has evolved from focusing on nanosatellites and cubesats to developing larger satellite platforms. The company is known for its innovative automation and manufacturing processes, which Lockheed Martin aims to adopt to improve its own satellite production lines.
The acquisition comes after a challenging financial period for Terran Orbital, and Lockheed Martin sees this acquisition as an opportunity to strengthen its position in the commercial satellite market and integrate innovative manufacturing techniques.