Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a trusted partner and innovator in Earth Intelligence and Space Infrastructure, is closely monitoring and proactively mitigating a number of risks related to the Coronavirus (COVID-19), and is following the guidance of the World Health Organization, Centers for Disease Control and other government agencies. The health and safety of our employees, their families, customers, suppliers, and our communities is critical to us.
We are watching the timing of new awards carefully for any effects of the COVID-19. However, to date there has been no material impact to delivery of Maxar’s backlog or revenue because of COVID-19.
All of Maxar’s operations remain open and the Company has business continuity plans for all sites. While Maxar has employees in many countries, we do not have manufacturing or other critical operations in any locations currently designated as CDC Level 2 or 3 risk areas.
In our Space Infrastructure business, no supply chain interruptions have occurred to date, and Maxar remains in close coordination with customers on potential risks and mitigations. We have five suppliers in China for our Space Infrastructure business that we are closely monitoring for potential impacts, but there have been no near-term impacts indicated to date, as the vast majority of our related work is in later stages of production and is not dependent on these suppliers. At this time, we are unaware of any downstream disruption to our supply chain attributable to other suppliers that source raw materials and subcomponents from CDC Level 2 or 3 regions. Out of an abundance of caution, visits with suppliers and customers in affected countries have been suspended in favor of virtual and electronic communication.
In our Earth Intelligence business, we have had no significant disruptions to any of our offices around the world, and are maintaining operational Service Level Agreements and meeting customer obligations.
The acquisition of MDA by a consortium led by Northern Private Capital continues to progress through the regulatory approval process, with close of the transaction expected in the spring or early summer as previously indicated. The closing is not subject to any financing contingency, and the definitive agreement defines material adverse effect in a customary way that excludes both general economic, financial and capital market conditions, and acts of God and other force majeure events.
Maxar is a trusted partner and innovator in Earth intelligence and space infrastructure. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 5,800 team members in 30 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.
Certain statements and other information included in this release constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws. Statements including words such as “may”, “will”, “could”, “should”, “would”, “plan”, “potential”, “intend”, “anticipate”, “believe”, “estimate” or “expect” and other words, terms and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, as well as other statements referring to or including forward-looking information included in this presentation.
Forward-looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this presentation. As a result, although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors and other disclosures about the Company and its business included in the Company’s continuous disclosure materials filed from time to time with U.S. securities and Canadian regulatory authorities, which are available online under the Company’s EDGAR profile at www.sec.gov, under the Company’s SEDAR profile at www.sedar.com or on the Company’s website at www.maxar.com.
The forward-looking statements contained in this release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this presentation or other specified date and speak only as of such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this presentation as a result of new information or future events, except as may be required under applicable securities legislation.