[Satellite Today 07-15-08] Saab AB reached an agreement to sell Saab Space to Swiss aerospace and defense company Ruag Holding AG, the companies announced July 15.
    Saab announced in December that it was looking to sell its space division, which manufactures digital and microwave electronics and antennas for satellite manufacturers and also supplies payload adapters, separation systems and guidance systems for launch providers.
    "Saab Space is well managed and profitable, but we have not been able to reach sufficient synergies with other operations within Saab, and as a result not the desired possibilities of growth and profit,” Saab CEO Ake Svensson said in a statement. “It was considered to be a good time to act since a consolidation process in the European space industry is ongoing. … The price is acceptable, and Ruag is a company that in our view has the capability of further developing the operations of Saab Space.”
    Ruag will pay 335 million Swedish krona ($56.2 million) for the unit, and Saab is entitled to an additional consideration related to the long-term positive performance of Saab Space. The deal does need to be approved by European competition authorities, the companies said.