MDA Space Shares Rise on Quebec Satellite Facility Expansion Plans

By Adriano Marchese

MDA Space shares rose after it said it would expand its satellite production facility in Quebec to meet growing demand.

Shares traded 4.4% higher at 16.33 Canadian dollars ($12.03) on Friday.

The Canadian space technology company said that construction has begun on a 185,000 square-foot expansion at the facility in Sainte-Anne-de-Bellevue that would make it the largest high-volume manufacturing facility in its satellite class.

MDA expects that with the new production capacity afforded by the expansion it will be able to deliver up to two of its Aurora digital satellites a day.

The company already has an order for these satellites. It expects that 198 Telesat Lightspeed satellites, powered by MDA Aurora technology, will be produced at the new facility.

As part of its expansion, the company plans to add 600 new high-skill technology jobs in the province to speed up its growth to meet demand in the next decade.

The production line is expected to be operational in the second half of next year.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 13, 2024 12:34 ET (16:34 GMT)

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