Jun 2 1997
From The Space Library
Lockheed Martin Corporation announced a joint satellite venture with the Moscow-based Intersputnik consortium. Financial analysts estimated the pact could produce more than US$1.5 billion in annual revenue, capitalizing on the increasing demand for satellite transmission services for telecommunication signaling. The agreement, which cemented ties between the U.S. corporation and Russian space interests, combined Lockheed's capital resources with Intersputnik's rights to prime satellite positions. Lockheed assumed responsibility for constructing and launching the satellites, whereas Intersputnik took the lead in marketing and sales. The Intersputnik group represented Russia and 21 other nations. The newly formed Lockheed Martin Intersputnik Ltd. Company planned to focus on providing services to South Asia and Eastern Europe-burgeoning markets with great potential for technological and economic growth.
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