Westminster-based Maxar Technologies might be shedding more than 200 workers all through its family of companies as part of a restructuring effort. The cuts will embrace quite a few positions in Colorado, based mostly on officers, though Maxar did not disclose what variety of.
Maxar, which moved to Westminster from Canada remaining 12 months shortly after shopping for Westminster-based DigitalGlobe and its assortment of high-resolution imagining satellites for $2.4 billion , launched its 2018 year-end financials Thursday. Despite consolidated revenues of more than $2.14 billion, the company’s net losses for the 12 months exceeded $1.26 billion, along with virtually $1.1 billion in impairment losses.
In an earnings identify with consumers Thursday afternoon, Maxar officers talked about the company is slashing 4 p.c of its workforce of 6,100 people, virtually 250 jobs. The cuts, unfold all through Maxar and subsidiaries which embrace DigitalGlobe, Canadian space robotics company MDA and Silicon Valley satellite tv for pc television for computer and instruments maker SSL, have already been launched to the company’s staff.
“These decisions are always difficult. We realize that we have to make Maxar a leaner, more efficient, more effective business,” president and CEO Dan Jablonsky talked about in Thursday’s identify.
Jablonsky, beforehand president of DigitalGlobe, was named Maxar’s CEO a lot much less than two months up to now following a 55 p.c drop inside the agency’s stock worth triggered partially by DigitalGlobe’s lack of the company’s WorldView4 satellite tv for pc television for computer.
As part of the restructuring, Jablonsky indicated the exact mannequin names inside Maxar will go away as the company focuses on working as one entity. Maxar isn’t going to be selling off or working down its satellite tv for pc television for computer manufacturing arm as many analysts speculated it may.
Even earlier than being bought by Maxar, DigitalGlobe had contracted with SSL to assemble its subsequent know-how of satellites, a “constellation” of equipment Jablonsky expects will drive sturdy earnings for the company ultimately because it actually works with customers along with the U.S. authorities.
Maxar’s stock fell by more than 20 p.c in after-hours shopping for and promoting Thursday.