Flight International online news 11:30GMT: Global defence and technology company Qinetiq has purchased a 90% share of Verhaert Design and Development NV (VDD), the Belgian space systems integrator.
The company will be renamed Verhaert Space NV and QinetiQ has an option to buy the remaining 10% of shares at a later date.
QinetiQ says the deal creates a company well-placed to bridge the gap that currently exists in the European space industry between the two biggest players, Alcatel Space and EADS Astrium, and a number of smaller suppliers.
Managing director of QinetiQ's Space Division, Andrew Rogoyski says: "By combining QinetiQ's expertise in space missions and technology with Verhaert's complementary capabilities in small satellites, spacecraft system integration, payloads and instrumentation we believe we can establish ourselves as the leading European mid-tier space company."
The deal also gives Qinetiq increased access to the European Space Agency where Verhaert has a history of delivering programmes.
VDD’s turnover for 2004 was $11.7 million with a profit of $1.36 million.
ROSS BENTLEY/LONDON
Source: Flight International
