Jump to content

Loral Space & Communications: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
m →History: rv WP:UNDUE violation by using primary sources
added employee amount history, added archived website
 
(46 intermediate revisions by 34 users not shown)
Line 1: Line 1:
{{Short description|Delaware-domiciled satellite communications company}}
{{Infobox Company |
{{Infobox company
company_name = Loral Space & Communications |
| name = Loral Space & Communications Inc.
company_logo = [[Image:Logo loral.png|center|]] |
| logo = Logo loral.png
company_type = [[public company|Public]]|
| type = [[public company|Public]]
traded_as = {{NASDAQ|LORL}}|
| traded_as = {{NASDAQ|TSAT}}<br>[[Russell 2000 Index|Russell 2000 Component]]
company_slogan = |
foundation = 1996|
| founded = {{start date and age|1996}}
location = 600 [[Third Avenue]]<br>[[New York City|New York City, New York]] |
| hq_location = 600 [[Third Avenue]]
| hq_location_city = [[New York City|New York City, New York]]
⚫
key_people = [[Michael B. Targoff]], [[Chief executive officer|CEO]]<br/>[[Harvey Rein]], Senior Vice President/[[Chief Financial Officer|CFO]] |
| hq_location_country = U.S.
num_employees = 3,100 <ref>http://www.mercurynews.com/business/ci_19291336 "Satellite business taking off in Palo Alto", San Jose Mercury News, November 8, 2011.</ref>
⚫
| key_people = {{ubl|Michael B. Targoff ([[Chief executive officer|CEO]])|Harvey Rein ([[Senior vice president|SVP]]/[[Chief Financial Officer|CFO]])}}
|
| num_employees = {{Unbulleted list|class=nowrap| 21 (2017)|4000 (1998)<ref>https://web.archive.org/web/19981201235551/http://www.loral.com/careers.html</ref>}}
industry = [[telecommunication|Communications]], [[Space manufacturing]]|
products = [[Communications satellite]] Manufacturing, Satellite Services |
| industry = [[telecommunication|Communications]], [[Space manufacturing]]
| products = [[Communications satellite]] Manufacturing, Satellite Services
revenue = $882M [[United States dollar|USD]] ([[fiscal year|FY]] 2007)|
| revenue = $882M [[United States dollar|USD]]
homepage = {{URL|http://www.loral.com}}
| revenue_year = [[fiscal year|FY]] 2007
| homepage = {{URL|http://www.loral.com}} <br> [https://web.archive.org/web/20040317105607/http://www.loral.com/ archived]
| footnotes = <ref>{{cite web |url=https://q10k.com/LORL/2017-12-31|title=Loral Space & Communication 2017 Annual Report|accessdate=November 14, 2018}}</ref>
}}
}}


'''Loral Space & Communications Inc.''' is a [[satellite communications]] company headed by [[Michael B. Targoff]] and incorporated in [[Delaware]]. The company was formed in 1996 from the remnants of [[Loral Corporation]] when Loral divested its defense electronics and system integration businesses to [[Lockheed Martin]] for $9.1 billion. In 2006, [[Bernard L. Schwartz]] retired after leading the company for many years.
'''Loral Space & Communications Inc.''' is a [[Delaware General Corporation Law|Delaware-domiciled]] [[satellite communications]] company headed by Michael B. Targoff. The company was formed in 1996 from the remnants of [[Loral Corporation]] when Loral divested its defense electronics and system integration businesses to [[Lockheed Martin]] for $9.1 billion.<ref>{{Cite web|date=1996-04-18|title=Lockheed Martin To Settle Charges in Loral Acquisition|url=https://www.ftc.gov/news-events/press-releases/1996/04/lockheed-martin-settle-charges-loral-acquisition|access-date=2020-11-27|website=Federal Trade Commission|language=en}}</ref> In 2006, [[Bernard L. Schwartz]] retired after leading the company for 34 years.


Loral presently operates satellite manufacturing company [[Space Systems/Loral]] (acquired in 1990 as the Space Systems Division of [[Ford Aerospace]]), and has an investment in [[Telesat]] Canada in partnership with the [[Canada_Pension_Plan#CPP_Investment_Board|Public Pension Investment Board]] of Canada. The company also participates in a number of international and domestic joint ventures, including an ownership stake in [[XTAR]].
Loral presently has an investment in [[Telesat]] Canada in partnership with the [[Public Sector Pension Investment Board]] of Canada, and merged into a new stock offering (TSAT) on the Nasdaq in November, 2020. The company also participates in a number of international and domestic joint ventures, including an ownership stake in [[XTAR]].


==History==
==History==
On March 20,1998, Loral completed the acquisition of Orion Network Systems, Inc., through the exchange of common stock. The transaction was valued at approximately $479 million.<ref>{{cite web|url=http://www.loral.com/inthenews/itn2/980320.html|title= LORAL COMPLETES ACQUISITION OF ORION NETWORK SYSTEMS
On March 20, 1998, Loral completed the acquisition of Orion Network Systems, Inc., through the exchange of common stock. The transaction was valued at approximately $479 million.<ref>{{cite web|url=http://www.loral.com/inthenews/itn2/980320.html|title=LORAL COMPLETES ACQUISITION OF ORION NETWORK SYSTEMS|date=Mar 20, 1998|url-status=dead|archive-url=https://web.archive.org/web/20140819130137/http://www.loral.com/inthenews/itn2/980320.html|archive-date=2014-08-19}}</ref>
|date=Mar 20, 1998}}</ref>


In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in the disclosure of information during a review of a Chinese rocket launch failure in 1996. Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges.<ref>http://www.loralpresscenter.com/inthenews/020109.html "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.</ref> Loral paid a total fine of $20 million, the largest that a company has ever paid under the Arms Export Control Act. <ref>http://www.militaryaerospace.com/articles/print/volume-13/issue-4/departments/cots-watch/loral-arms-technology-exports-lead-to-20-million-government-fine.html</ref>
In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in the disclosure of information during a review of a Chinese rocket launch failure in 1996.<ref name="launch">{{cite web |url=http://www.loralpresscenter.com/inthenews/020109.html |title=LORAL AND U.S. GOVERNMENT SETTLE 1996 CHINESE LAUNCH MATTER |accessdate=2009-12-19 |url-status=dead |archive-url=https://web.archive.org/web/20080621185135/http://www.loralpresscenter.com/inthenews/020109.html |archive-date=2008-06-21 }} "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.</ref> Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges.<ref name="launch"/> According to a House Select Committee, Loral under CEO Schwartz provided the Chinese government with advice regarding a guidance system for future PRC road-mobile intercontinental ballistic missiles.<ref>{{Cite web |url=https://www.house.gov/coxreport/chapfs/app.html |title=Appendices |access-date=3 September 2021 |archive-date=21 October 2017 |archive-url=https://web.archive.org/web/20171021111437/https://www.house.gov/coxreport/chapfs/app.html |url-status=bot: unknown }}</ref> The Defense Technology Security Administration concluded Loral "committed a serious export control violation" and that the "significant benefits derived by China from these activities are likely to lead to improvements in the overall reliability of their launch vehicles [i.e., rockets] and ballistic missiles and in particular their guidance systems."<ref>{{Cite web |url=http://www.house.gov/coxreport/chapfs/ch6.html |title=Chapter 6 - Satellite Launches in the PRC - Loral |access-date=12 March 2014 |archive-date=21 October 2016 |archive-url=https://web.archive.org/web/20161021092342/http://www.house.gov/coxreport/chapfs/ch6.html |url-status=bot: unknown }}</ref> Loral paid a total fine of $20 million, the largest that a company has ever paid under the Arms Export Control Act.<ref>{{Cite web | url=http://www.militaryaerospace.com/articles/print/volume-13/issue-4/departments/cots-watch/loral-arms-technology-exports-lead-to-20-million-government-fine.html |title = StackPath| date=April 2002 }}</ref>


On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under [[Chapter 11, Title 11, United States Code|Chapter 11]] of the [[Bankruptcy in the United States|United States Bankruptcy Code]]. In conjunction with the filing, Loral announced the sale of its North American satellite fleet to [[Intelsat]] to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.
On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under [[Chapter 11, Title 11, United States Code|Chapter 11]] of the [[Bankruptcy in the United States|United States Bankruptcy Code]].<ref>{{Cite news|last=Feder|first=Barnaby J.|date=2003-07-15|title=Loral Files for Bankruptcy; Boeing to Take $1.1 Billion Charge|language=en-US|work=The New York Times|url=https://www.nytimes.com/2003/07/15/business/loral-files-for-bankruptcy-boeing-to-take-11-billion-charge.html|access-date=2021-06-21|issn=0362-4331}}</ref> In conjunction with the filing, Loral announced the sale of its North American satellite fleet to [[Intelsat]] to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.


On Feb 1, 2006, a subsidiary of Loral Space & Communications (Loral Skynet) began the construction of Telstar 11N, a powerful new multi-region Ku-band communications satellite.<ref>{{cite web|url=http://www.ssloral.com/html/pressreleases/pr20060202.html|title= CONSTRUCTION OF LORAL SKYNET’S TELSTAR 11N SATELLITE BEGINS AT SPACE SYSTEMS/LORAL |date=Feb 1, 2006}}</ref>
On Feb 1, 2006, a subsidiary of Loral Space & Communications (Loral Skynet) began the construction of Telstar 11N, a powerful new multi-region Ku-band communications satellite.<ref>{{cite web|url=http://www.ssloral.com/html/pressreleases/pr20060202.html|title=CONSTRUCTION OF LORAL SKYNET'S TELSTAR 11N SATELLITE BEGINS AT SPACE SYSTEMS/LORAL|date=Feb 1, 2006|url-status=dead|archive-url=https://archive.today/20130615112304/http://www.ssloral.com/html/pressreleases/pr20060202.html|archive-date=2013-06-15}}</ref>


On October 5, 2007 Loral Space & Communications Inc. and the [[Canada Pension Plan#CPP Investment_Board|Public Pension Investment Board]] of Canada received the final regulatory approval necessary to complete the acquisition of [[Telesat]] from [[BCE Inc.]] for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 33<small>1/3</small>% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.
On October 5, 2007, Loral Space & Communications Inc. and the [[Canada Pension Plan#CPP Investment Board|Public Pension Investment Board]] of Canada received the final regulatory approval necessary to complete the acquisition of [[Telesat]] from [[BCE Inc.]] for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 33<small>1/3</small>% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.


At the same time, Telesat Canada merged with [[Loral Skynet]], a subsidiary of Loral Space & Communications. This resulted in the transfer of all of the assets of Loral Skynet to Telesat.
At the same time, Telesat Canada merged with [[Loral Skynet]], a subsidiary of Loral Space & Communications.<ref>{{Cite web|title=BCE sells Telesat to Loral for $3 bil {{!}} Hollywood Reporter|url=https://www.hollywoodreporter.com/news/bce-sells-telesat-loral-3-146995|access-date=2021-01-05|website=www.hollywoodreporter.com|date=19 December 2006}}</ref> This resulted in the transfer of all of the assets of Loral Skynet to Telesat.


On November 2, 2012, Loral Space & Communications Inc. announced the sale of subsidiary Space Systems/Loral (SS/L), to [[MacDonald Dettwiler]].<ref>http://www.ssloral.com/html/pressreleases/pr20121102.html "Loral Closes Sale of Space Systems/Loral to MDA", Loral news release, November 2, 2012.</ref>
On November 2, 2012, Loral Space & Communications Inc. announced the sale of subsidiary [[Space Systems/Loral]] (SS/L), to [[MacDonald Dettwiler]].<ref>{{cite web |title=Loral Closes Sale of Space Systems/Loral to MDA |url=http://www.loral.com/News/Loral-News/News-details/2012/Loral-Closes-Sale-of-Space-Systems-Loral-to-MDA/default.aspx |website=Loral Space & Communications Inc. |access-date=3 September 2021 |date=2 November 2012 |archive-date=3 September 2021 |archive-url=https://web.archive.org/web/20210903225629/http://www.loral.com/News/Loral-News/News-details/2012/Loral-Closes-Sale-of-Space-Systems-Loral-to-MDA/default.aspx |url-status=dead }}</ref>


==References==
==References==
Line 40: Line 42:


==External links==
==External links==
* [http://www.loral.com Loral Space & Communication] (official website)
* [http://www.loral.com Loral Space & Communication] {{Webarchive|url=https://web.archive.org/web/20040317105607/http://www.loral.com/ |date=2004-03-17 }} (official website)
* [[Space Systems Loral|Space Systems/Loral (SS/L)]]
* [[Space Systems Loral|Space Systems/Loral (SS/L)]]
* {{answers.com|loral-space-communications-ltd}}
* {{answers.com|loral-space-communications-ltd}}
* [http://finance.yahoo.com/q/pr?s=LORL Yahoo! - Loral Space & Communications Inc. Company profile]
* [https://finance.yahoo.com/q/pr?s=LORL Yahoo! - Loral Space & Communications Inc. Company profile]


{{Telecommunications}}
{{Telecommunications}}
{{Satcomm}}
{{Authority control}}


{{DEFAULTSORT:Loral Space and Communications}}
{{DEFAULTSORT:Loral Space and Communications}}
[[Category:Loral Space & Communications| ]]
[[Category:Aerospace companies of the United States]]
[[Category:Aerospace companies of the United States]]
[[Category:Companies established in 1996]]
[[Category:Manufacturing companies established in 1996]]
[[Category:Technology companies established in 1996]]
[[Category:Telecommunications companies established in 1996]]
[[Category:Companies based in New York City]]
[[Category:Companies based in New York City]]
[[Category:Loral Space & Communications| ]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Companies that have filed for Chapter 11 bankruptcy in 2005]]
[[Category:Companies that filed for Chapter 11 bankruptcy in 2003]]

Latest revision as of 23:27, 22 November 2024

Loral Space & Communications Inc.
Company typePublic
Nasdaq: TSAT
Russell 2000 Component
IndustryCommunications, Space manufacturing
Founded1996; 28 years ago (1996)
Headquarters600 Third Avenue,
New York City, New York
,
U.S.
Key people
  • Michael B. Targoff (CEO)
  • Harvey Rein (SVP/CFO)
ProductsCommunications satellite Manufacturing, Satellite Services
Revenue$882M USD (FY 2007)
Number of employees
  • 21 (2017)
  • 4000 (1998)[1]
Websitewww.loral.com
archived
Footnotes / references
[2]

Loral Space & Communications Inc. is a Delaware-domiciled satellite communications company headed by Michael B. Targoff. The company was formed in 1996 from the remnants of Loral Corporation when Loral divested its defense electronics and system integration businesses to Lockheed Martin for $9.1 billion.[3] In 2006, Bernard L. Schwartz retired after leading the company for 34 years.

Loral presently has an investment in Telesat Canada in partnership with the Public Sector Pension Investment Board of Canada, and merged into a new stock offering (TSAT) on the Nasdaq in November, 2020. The company also participates in a number of international and domestic joint ventures, including an ownership stake in XTAR.

History

[edit]

On March 20, 1998, Loral completed the acquisition of Orion Network Systems, Inc., through the exchange of common stock. The transaction was valued at approximately $479 million.[4]

In January 2002, Loral reached a settlement with the U.S. Government in a case relating to the company’s involvement in the disclosure of information during a review of a Chinese rocket launch failure in 1996.[5] Loral agreed to pay a civil fine of $14 million to the State Department without admitting or denying the government’s charges.[5] According to a House Select Committee, Loral under CEO Schwartz provided the Chinese government with advice regarding a guidance system for future PRC road-mobile intercontinental ballistic missiles.[6] The Defense Technology Security Administration concluded Loral "committed a serious export control violation" and that the "significant benefits derived by China from these activities are likely to lead to improvements in the overall reliability of their launch vehicles [i.e., rockets] and ballistic missiles and in particular their guidance systems."[7] Loral paid a total fine of $20 million, the largest that a company has ever paid under the Arms Export Control Act.[8]

On July 15, 2003, Loral and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code.[9] In conjunction with the filing, Loral announced the sale of its North American satellite fleet to Intelsat to help reduce its debt. Loral emerged from Chapter 11 on November 21, 2005.

On Feb 1, 2006, a subsidiary of Loral Space & Communications (Loral Skynet) began the construction of Telstar 11N, a powerful new multi-region Ku-band communications satellite.[10]

On October 5, 2007, Loral Space & Communications Inc. and the Public Pension Investment Board of Canada received the final regulatory approval necessary to complete the acquisition of Telesat from BCE Inc. for CAD $3.25 billion. The acquisition closed on October 31, 2007. Loral hold a 64% economic interest and a 331/3% voting interest in Telesat Holdco, the ultimate parent company of the resulting new entity.

At the same time, Telesat Canada merged with Loral Skynet, a subsidiary of Loral Space & Communications.[11] This resulted in the transfer of all of the assets of Loral Skynet to Telesat.

On November 2, 2012, Loral Space & Communications Inc. announced the sale of subsidiary Space Systems/Loral (SS/L), to MacDonald Dettwiler.[12]

References

[edit]
  1. ^ https://web.archive.org/web/19981201235551/http://www.loral.com/careers.html
  2. ^ "Loral Space & Communication 2017 Annual Report". Retrieved November 14, 2018.
  3. ^ "Lockheed Martin To Settle Charges in Loral Acquisition". Federal Trade Commission. 1996-04-18. Retrieved 2020-11-27.
  4. ^ "LORAL COMPLETES ACQUISITION OF ORION NETWORK SYSTEMS". Mar 20, 1998. Archived from the original on 2014-08-19.
  5. ^ a b "LORAL AND U.S. GOVERNMENT SETTLE 1996 CHINESE LAUNCH MATTER". Archived from the original on 2008-06-21. Retrieved 2009-12-19. "Loral and US Government Settle Chinese Launch Matter", Loral news release, January 9, 2002.
  6. ^ "Appendices". Archived from the original on 21 October 2017. Retrieved 3 September 2021.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  7. ^ "Chapter 6 - Satellite Launches in the PRC - Loral". Archived from the original on 21 October 2016. Retrieved 12 March 2014.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  8. ^ "StackPath". April 2002.
  9. ^ Feder, Barnaby J. (2003-07-15). "Loral Files for Bankruptcy; Boeing to Take $1.1 Billion Charge". The New York Times. ISSN 0362-4331. Retrieved 2021-06-21.
  10. ^ "CONSTRUCTION OF LORAL SKYNET'S TELSTAR 11N SATELLITE BEGINS AT SPACE SYSTEMS/LORAL". Feb 1, 2006. Archived from the original on 2013-06-15.
  11. ^ "BCE sells Telesat to Loral for $3 bil | Hollywood Reporter". www.hollywoodreporter.com. 19 December 2006. Retrieved 2021-01-05.
  12. ^ "Loral Closes Sale of Space Systems/Loral to MDA". Loral Space & Communications Inc. 2 November 2012. Archived from the original on 3 September 2021. Retrieved 3 September 2021.
[edit]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Loral_Space_%26_Communications&oldid=1259022458"