SSTL sale represents most successful spin-off for British University
Wednesday 14 January 2009
EADS Astrium, Europe’s leading space company, has purchased Surrey Satellite Technology Limited (SSTL) from the University of Surrey. This landmark deal provides the financial and industrial resources required for SSTL’s expansion and future development.
Professor Sir Martin Sweeting, Executive Chairman of SSTL, has been an active ambassador for the UK space industry for many years and considers the acquisition as essential: “SSTL operates in a highly competitive global market. If we are to continue changing the economics of space and provide the innovation solutions our customers demand, we must expand and maintain our R&D investment.”
Professor Christopher Snowden, Vice-Chancellor of the University of Surrey commented: “This is a great move for both the University and SSTL. I believe this deal represents one of the largest cash spin-outs from any UK university. It will also allow the company to realise its full potential as a rapidly growing and leading supplier of satellites, whilst the University retains the benefit of close interaction with SSTL and its new partner EADS Astrium. By retaining a small stake in SSTL the University shows its commitment to both the future of the company and space research itself.”
SSTL is joining EADS Astrium following a decision by the University of Surrey to sell its majority stake in the small satellite manufacturer. SSTL will remain a separate UK legal entity and brand in its own right following the agreement while benefiting from access to the resources of a large corporation including design, manufacturing and test facilities. EADS Astrium will benefit from enhanced links with the University of Surrey to support staff training and development, also leading to greater cooperation and increased research on space technology and systems.
The agreement sees a long-term strategic collaboration between the University of Surrey and EADS Astrium and will further advance the University’s cutting edge space research capacity. The sale will support the already-strong presence that Guildford and the south-east of England have in the aeronautical and space industries, creating a centre of expertise for space technology. This will allow for the region to benefit from the Government’s commitment to invest in the UK space industry.
Media Enquiries
Peter La, Press Office at the University of Surrey, Tel: +44 (0)1483 689191, or Email mediarelations@surrey.ac.uk
