Norspace sold to Kongsberg Gruppen

Press release from Norspace and Kongsberg Gruppen:

Kongsberg Defence & Aerospace AS, a wholly-owned company in the Kongsberg Group (KONGSBERG), has entered into an agreement to acquire 100% of the shares in Norspace AS.

Norspace was established in 2003 and is an extension of the former AME Space and Alcatel Space Norway. Norspace currently has 95 employees and is world-leading in its field of supplying high-tech components and equipment to the international space industry. The company participates in a number of international space programmes, and the company’s equipment is currently on board more than 140 satellites for customers all over the world.

As a subsidiary of Kongsberg Defence & Aerospace, Norspace will continue its business as present, and under the same management, while being able to benefit from important resources of a large industrial group with already significant presence in the space sector. Both buyer and seller consider that Norspace and KONGSBERG will mutually strengthen their growth potentials in the space sector because of the acquisition.

“Norspace will become part of a group with significant space activities, with a strong industrial and technological base and a very sound financial basis. The new ownership provides long-term assurance to our customers, suppliers and employees about Norspace’s future”, says Sverre Bisgaard, CEO of Norspace.

“KONGSBERG has had strong faith in space and surveillance for some time. The significant contracts we recently have landed confirm this faith. The acquisition of Norspace enables us to exploit each other’s expertise and market positions to grow and develop new products and markets. Both companies have demonstrated impressive development and ability to innovate in recent years, and we look forward to continue this progress and build new opportunities in a larger and more internationally robust company”, says Harald Ånnestad, CEO of Kongsberg Defence Systems.