Loral To Combine Its CyberStar And Skynet Units
Thursday September 5, 9:33 pm ET
Dow Jones Business News
NEW YORK -(Dow Jones)- Loral Space & Communications Ltd. integrated the operations of its CyberStar and Skynet units, with the combined businesses reporting to Skynet President Terry Hart.
In a press release Thursday, the satellite maker said it expects the combination to result in "multiple" new revenue streams due to the offering of new services and the addition of customers.
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CyberStar, which provides data, voice, video and Internet services, has its headquarters in Rockville, Md., and additional offices in North America, Europe and Asia. The business posted 2001 revenue of $98 million.
Skynet, an operator of telecommunications satellites, is based in Bedminster, N.J., and has a fleet of seven satellites. The unit generated 2001 revenue of $ 389 million.
A Loral spokeswoman wasn't available Thursday night to comment on any potential layoffs or facility closings associated with the consolidation, or to say what role CyberStar President Neil Bauer will play in the new structure.
The company's New York Stock Exchange-listed shares closed Thursday at 54 cents, down 1 cent, or 1.8%, on composite volume of 2.6 million shares. Average daily volume is 1.8 million shares. The stock hit a 52-week high of $3.27 on Jan. 8 and a 52-week low of 40 cents on Aug. 20. |
