SSTL is joining EADS Astrium following a decision by Surrey University to sell its majority stake of around 80 per cent in the company.
The share purchase agreement, which is subject to regulatory approvals, provides the financial and industrial resources required for SSTL’s expansion and future development. SSTL will remain an independent UK company and will benefit from access to the resources of a large corporation including design, manufacturing and test facilities.
‘SSTL operates in a highly competitive global market,’ said Professor Sir Martin Sweeting, executive chairman of SSTL. ‘If we are to continue changing the economics of space and provide the innovative solutions our customers demand we must expand and maintain our R&D investment. This acquisition strengthens SSTL enormously whilst preserving our unique approach to space.’