Teledyne Defence won a contract June 6 to develop parts for micro satellites which may create a worldwide Internet network.
Teledyne Defence, a United Kingdom-based subsidiary of Thousand Oaks-based industrial conglomerate Teledyne Technologies, said OneWeb Satellites awarded the company a contract June 6 to develop a component called a communications repeater for a network of 900 satellites that could provide broadband Internet service worldwide as early as 2019.
The agreement includes an initial development phase, with additional options for the manufacture of production to support the OneWeb’s fleet of satellites later. Terms of the deal were not disclosed.
“Teledyne is pleased to be a small part of OneWeb’s landmark initiative to create a constellation of satellites to deliver high speed Internet access globally and affordably,” said Teledyne CEO Robert Mehrabian in a news release.
Defense is a large part of Teledyne’s company. Shares surged on the news, up $1.96 to $100.49 when markets closed June 6.
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