OneWeb to Start Satellite Manufacturing Operation With $1.2 Billion Investment

SoftBank is putting $1 billion into satellite operator OneWeb, with the money to go toward OneWeb setting up a high-volume satellite production facility on Kennedy Space Center land in Florida, the Japanese conglomerate said in a news release Monday. The facility is expected to employ 3,000 within four years, with OneWeb starting production there in 2018, it said. Other investors have put in an additional $200 million, SoftBank said. SoftBank Group Director Ronald Fisher will join OneWeb's board, it said. SoftBank is the majority owner of wireless carrier Sprint. SoftBank CEO Masayoshi Son said the development follows his meeting with President-elect Donald Trump, during which Son said he “shared my commitment to investing and creating jobs” in the U.S. (see 1612060073). “This is the first step in that commitment,” Son said.