WASHINGTON — Maxar Technologies sold one of satellite manufacturer Space Systems Loral’s facilities in Silicon Valley for $70 million, the company announced today.
The sale included 4.5 acres of land, about 14 percent of the land Maxar owns in Palo Alto, California.
Maxar still has office, research and development and manufacturing facilities across another 24 acres in Palo Alto, the company said. Some 400 satellite design and production engineers will shift to a nearby facility, according to a press release.
“The net proceeds from this transaction will be used to pay down Maxar debt,” Biggs Porter, Maxar’s chief financial officer, said in a statement.
Maxar CEO Howard Lance said Nov. 28 that the company’s divestment of its geostationary satellite manufacturing business would help the company rein in its $3 billion debt load. Company officials have valuated the total property in Palo Alto at $150 million to $200 million.
Maxar said relocating employees shouldn’t have an impact on production or customer work.