Redwire (US) acquires renowned space company from Flanders
Redwire announced its upcoming acquisition of QinetiQ Space, a renowned satellite and space mission instruments specialist from Kruibeke, Flanders. The American space technology company will benefit from QinetiQ Space’s attractive customer base, easy access to new market opportunities and Flanders’ innovative aerospace ecosystem. It is laying down EUR 32 million for the acquisition.
An almost 40-year track record in space
Founded in 1983, QinetiQ Space’s developments in the field of small satellites, spacecraft system integrations and instrumentation for scientific research are among the world’s finest aerospace innovations. Its customers include the European Space Agency (ESA) and the larger European space integrators. The space company, located in the town of Kruibeke in Flanders, recorded a revenue of EUR 49 million and a net profit of EUR 3 million for the past year. In addition to that, it had a contracted backlog of EUR 113 million for core space-related products at the end of March 2022.
The company has been part of the commercial satellite systems division of the British QinetiQ Group since 2005. Now, this defense technology and security organization is selling the Flanders-based space innovator to Redwire, a consolidator of space infrastructure from the US – which will be paying a total of EUR 32 million for the acquisition.
A perfect match
Redwire specializes in technologies which enable solar power generation and 3D printing in space. QinetiQ Space’s flagship products complement the American space technology firm’s portfolio perfectly.
With the acquisition, our company can establish faster growth in the US. At the same time, we can help Redwire gain access to multiple new market opportunities in Europe.
The spacetech company couldn’t have chosen a more compatible region for its acquisition. Flanders is a global frontrunner in cleantech applications and has a high-tech ecosystem for additive manufacturing.
On top of that, the northern region of Belgium houses a plethora of top-notch players who are highly active in space research and development. To name just a few, two of Flanders’ four strategic research centers, imec and VITO Remote Sensing, have specialized units for aerospace applications, and cluster organizations such as FLAG, VRI and Agoria promote and facilitate collaborations between companies with links to the aerospace industry.
Reported by
newspaper De Tijd
