Globalstar Chooses Covington, Louisiana for New HQ
07/14/2010
"Relocating to Covington will help dramatically reduce our operating costs as we execute our next-generation strategic initiatives," said Globalstar Chairman Jay Monroe. "We are positioning Globalstar for long-term success by lowering our cost of operations, improving revenue growth, and speed to market for new products through vertical integration and through the introduction of new and innovative products developed in Louisiana."
Louisiana Economic Development (LED) worked with Globalstar to ensure the company $4.4 million in performance-based funds, and $3.7 million to offset headquarters and research and development costs. The company plans to use LED's newly revamped Digital Media Incentive. Louisiana FastStart will help Globalstar recruit and train employees.
"This move maximizes the benefits of our recent acquisition of Covington-based satellite asset tracking and messaging products manufacturer Axonn and creates in Globalstar the first and only vertically integrated mobile satellite company," said Globalstar CEO Peter Dalton.
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