Panasonic Corporation and ITC Global have entered into a definitive agreement for Panasonic to acquire ITC Global, a provider of satellite communication services for the energy, mining, and maritime markets.
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Founded in 2001 with regional headquarters in Houston, Texas; Sion, Switzerland; and Perth, Australia, ITC Global serves customers at more than 1,200 remote sites across 70 countries and all the world's oceans.
Panasonic, through its subsidiary Panasonic Avionics Corporation, is a leading provider of inflight communications and entertainment systems to the aviation market.
By combining complementary strengths, ITC Global and Panasonic Avionics will become a new leader in global satellite services poised to support long term customer requirements as demand for bandwidth and efficient, reliable communications solutions continues to grow across the energy, mining, maritime and aviation markets.
Panasonic Avionics' satellite network already covers 99% of all airline flight hours and 98% of all maritime traffic routes, and the organization is in the process of adding High Throughput Satellite capacity that will wrap around the globe.
Upon the closing of the acquisition, ITC Global will become "ITC Global, A Panasonic Company" and will operate as an independent unit of Panasonic Avionics. ITC Global will continue to execute its current strategic plan under the leadership of Joe Spytek, ITC Global's founder and chief executive officer, who will report toPaul Margis, president and chief executive officer of Panasonic Avionics.
ITC Global's management team will remain in place and will continue to focus on its customers in the energy, mining, and maritime markets, while Panasonic Avionics will remain dedicated to its customers in the aviation market. ■
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