France's Thales beats Lockheed Martin (LMT -0.4%) to win a roughly $2.1B contract to build a...

|By:, SA News Editor

France's Thales beats Lockheed Martin (LMT -0.4%) to win a roughly $2.1B contract to build a fleet of communications satellites for Iridium Communications (IRDM +7.8%). The decision is a blow to Lockheed, which played a major role in manufacturing Iridium's current low-earth-orbit network. Lockheed also says it will sell off two business units and realign two others.