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Qualcomm to Supply Wares to Globalstar

May 08, 1997|(Bloomberg News)

Qualcomm Inc. said it won a multiyear contract to supply up to $600 million worth of equipment for Globalstar's satellite network. The San Diego-based company, a partner in Globalstar, will supply an initial $275 million of wares beginning in early 1998, with further orders to come as the network is extended. Globalstar is building a $2.6-billion system of 48 satellites it says will allow people around the world to make or receive calls using small, wireless phones. Globalstar will begin launching its satellites this fall and expects to offer services in late 1998. Qualcomm shares rose 25 cents to close at $5.25 on Nasdaq. Globalstar is a partnership of phone service and equipment companies.

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