Summary
Three major European aerospace companies, Airbus, Leonardo, and Thales, have joined forces to create a new company to compete in the space industry. This new company aims to challenge SpaceX and will be headquartered in Toulouse, employing 25,000 people and generating €6.5 billion in annual revenue.
Key Facts
- Airbus, Leonardo, and Thales are the three European companies involved in this venture.
- The new company is called the 'European Space Champion'.
- It will focus on space exploration, earth observation, space threats, and satellite navigation.
- The company will be based in Toulouse and have about 25,000 employees.
- The new business aims for long-term growth in the space industry, responding to developments like those at SpaceX.
- It will create five national companies in the UK, France, Italy, Germany, and Spain to protect national interests.
- No job cuts in the UK are planned; Airbus currently employs 3,100 people in its UK's space operations.
- SpaceX, founded by Elon Musk, is known for creating advanced rockets and has partnered with NASA for the Artemis moon mission.
