Oct. 24 (UPI) -- Officials for Airbus, Leonardo and the Thales Group have signed a memorandum of understanding to establish a new space-focused entity to lead the European Union's space endeavors.
France-based aerospace firm Airbus announced the joint effort on Thursday and said its goal is to "strengthen Europe's strategic autonomy in space."
Along with Rome-based Leonardo and France-based Thales, the new space entity will advance "critical infrastructure and services" that are related to telecommunications, global navigation, Earth observation, science, exploration and national security, according to Airbus.
"This proposed new company marks a pivotal milestone for Europe's space industry," Airbus Chief Executive Officer Guillaume Faury, Leonardo Chief Executive Officer Roberto Cingolani and Thales Chairman and Chief Executive Officer Patrice Caine said in a joint statement.
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