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10/14/2013

Virgin Galactic acquires full ownership of The Spaceship Co.

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The Spaceship Co. was created as a joint venture of Scaled Composites and Virgin Galactic. The acquisition was planned as part of the ramp-up to launch of commercial space flights by Virgin Galactic.

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Virgin Galactic, the world’s first commercial spaceline, announced on Oct. 8 that it has taken 100 percent ownership of its sister company, The Spaceship Co. (TSC, Mojave, Calif., USA), by acquiring the 30 percent stake held by Scaled Composites (Mojave, Calif.) since TSC’s formation under a joint venture with Virgin Galactic.

This acquisition, details of which are not being disclosed, marks the successful completion of a long-­term strategy and signifies the end of the first phase of TSC’s development. During this development phase, TSC completed the build-out of manufacturing and assembly facilities in Mojave, established a specialized workforce and transitioned necessary assets from Scaled in order to begin building Virgin Galactic’s commercial fleet of WhiteKnightTwo (WK2) carrier aircraft and SpaceShipTwo (SS2) manned sub­orbital spacecraft. These vehicles will be used for Virgin Galactic’s planned spaceline operations which will be based at Spaceport America in southern New Mexico.

The completion of the acquisition comes as Virgin Galactic and Scaled begin to plan the handover of the SS2 development program to Virgin Galactic, with Scaled remaining fully committed to the final portion of the WK2 and SS2 test flight programs prior to Virgin Galactic commencing commercial operations. 

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