Millennium Space Systems will operate under Boeing Phantom Works as a subsidiary called Millennium Space Systems, A Boeing Company. The company will retain an independent operating model while benefiting from Boeing's resources, scale, manufacturing capability and technology research as the leading provider of aerospace products and services.
Boeing first announced the agreement with Millennium Space Systems on August 16, 2018, pending U.S. government approval. Terms of the approved deal were not disclosed and do not affect Boeing's financial guidance or the company's commitment to returning approximately 100 percent of free cash flow to shareholders.
Headquartered in El Segundo, Calif., Millennium Space Systems has approximately 260 employees and has developed high-performance satellites and space systems for exacting missions ranging from 50 KG to more than 6,000 KG.