by Richard Tomkins
Helsinki, Finland (UPI) May 13, 2015
Patria of Finland has completed the sale if its Space business unit to Switzerland's RUAG Space for an undisclosed sum.
The transaction included all the unit's business operations and assets, as well as the unit's 29 employees.
Under RUAG, Patria's Space is now named RUAG Space Finland.
"The Space unit has now a better growth basis and has more possibilities to develop further as a part of RUAG Group, where space is defined as a strategic priority", said Jukka Holkeri, chief strategy officer at Patria, a defense and security company.
Patria's Space supplied spacecraft control electronics, electrical power sub-systems, electronic units and related test equipment for space programs, including those of the European Space Agency, such as Sentinel-2, EarthCARE, Swarm and Gaia.
"Patria's space unit has extensive heritage and skills in satellite electronics," RUAG said in December, when the proposed sale was announced. "We see opportunities to develop new products, mainly targeting the commercial satellite market."
Space Technology News - Applications and Research
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|