Bae sells stake in satellite comms firm

Bae sells stake in satellite comms firm
Melanie Reynolds
British Aerospace (BAe) has sold its stake in satellite communications company Orion Network Systems for $143m.
The sale represents BAe’s increasing focus on its defence business. “Space no longer forms a core of the business” said a BAe spokesman. BAe has already made known its intention to sell its 20 per cent share in mobile phone operator Orange ‘at some time in the future’.
BAE’s $54m pre-tax profit raised from the sale of Orion Network Systems has not been earmarked for a particular purpose, claimed the spokeman.

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