Iridium Restructures Operations & Maintenance Relationship With Boeing

(RTTNews) - Iridium Communications Inc. (IRDM) announced the restructuring of its longstanding operations and maintenance relationship with Boeing.

As per the agreement, Iridium is expected to hire the majority of the Boeing team that currently supports Iridium by performing operations and maintenance on Iridium's satellites, beginning January 3, 2017.

In addition, Iridium will enter into a separate development services contract with Boeing. The change comes as Iridium NEXT, the Company's next-generation satellite constellation, nears its first launch and the start of the transition to a new Iridium satellite constellation.

Iridium will more directly manage its network and optimize operational expenses going forward, while the new development contract will dedicate key Boeing personnel to continue the design and growth required for bringing new services and capabilities into the Iridium NEXT era.

Affected Boeing employees currently working on operations and maintenance of the Iridium satellite constellation will be offered positions within Iridium and are expected to join Iridium as employees in January, timed to help usher the Company into this new chapter in its history with Iridium NEXT.