European companies join forces - Agreement in the space sector to compete with Starlink
European aerospace industry groups announced an initial deal to merge their satellite manufacturing activities on Monday. The loss-making groups will join forces after months of negotiations to counter the rapid rise of rivals led by Elon Musk's Starlink.
The long-awaited agreement between Airbus, Thales and Leonardo aims to create a new company starting in 2027. However, approval is needed from European regulators, who have been reserved about such moves in the past.
The new entity will employ 25,000 people across Europe with annual revenues of 6.5 billion euros, based on 2024 figures, the companies said in a statement. Airbus will have a 35% stake, while Thales and Leonardo will each own 32.5%, operating under joint control with a balanced governance structure.
The space combination is expected to generate "hundreds of millions of euros" in operating profits each year, starting in five years, the companies said. Leading European satellite manufacturers have long competed to build complex spacecraft in geostationary orbit, but have been hit by the arrival of small, cheap satellites in low-Earth orbit.
The leaders of the three companies said in a joint statement that the merger will help governments ensure "Europe's autonomy in the strategic field of space." The deal will combine the manufacturing and services activities of Thales Alenia Space and Telespazio, two joint ventures between Leonardo and Thales, as well as the space and digital activities of Airbus.
The companies, which have already cut about 3,000 jobs in the space sector, did not mention plans for further reductions, but said unions would be consulted on the project.
"35 billion euros for the maintenance of the islands" - National Bank of Greece calls for investments in the next 10 years
The National Bank of Greece (NBG) announced this week that an investment of around 35 billion euros in infrastructure is urgently needed over the next decade......
Cooperation Agreement between the General Directorate of Customs and the State Export Control Authority
The cooperation agreement between the General Directorate of Customs and the State Export Control Authority was signed today at the premises of the Ministry......
Tirana-Durrës highway opens for traffic at the end of December/ Balluku: One of the construction sites with the best performance in all of Albania
Deputy Prime Minister and Minister of Infrastructure and Energy, Belinda Balluku, inspected the works at the Tirana-Durres highway construction site.......
“More fiscal incentives for start-ups” - Kapo: They are in the early stages of development. They lack connections with international hubs
Albania is still in the early stages of developing its startup ecosystem, but it has the potential to become an innovation hub in the region, if the right......
VKM/ Government approves the National Strategy for Cybersecurity 2025–2030. Expropriations approved in Tirana!
The Council of Ministers, at today's meeting, adopted a series of decisions: - The adoption, in principle, of the United Nations Convention against......
The Council of Ministers appoints two new deputy ministers for Education and Environment. Roland Kristo leaves Agriculture!
The Council of Ministers has decided to appoint new deputy ministers. Herida Duro has been appointed Deputy Minister of Education. Duro previously held the......
Cooperation in energy and technology - What are the first trade agreements between Albania and India?
A new page in trade relations between Albania and India was created after the opening of the Indian embassy in our country. The Chamber of Industry and......
Albanian financial system, towards green transition - Development of green taxonomy, a condition for EU integration
The Albanian financial system is making strides towards a green transition. The Bank of Albania aims to further promote sustainable policies, the integration......
