ST Sets Up A JV To Design, Develop and Produce Earth Observation SatellitesSingapore - ST Engineering today announced that it has set up ST Electronics (Satellite Systems) Pte. Ltd., a joint venture (JV) company with Nanyang Technological University (NTU) and DSO National Laboratories (DSO). The JV company will design, develop and produce advanced earth observation satellites. ST Engineering's stake in the JV company is 51%, held through ST Electronics' wholly owned subsidiary, ST Electronics (Satcom & Sensor Systems) Pte. Ltd while DSO and NTU own 33% and 16% respectively. ST Electronics is the electronics arm of ST Engineering.
The set-up of the new subsidiary is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
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ST Electronics views the earth observation satellite segment as a new and complementary addition to its existing satellite communications and sensor systems business. This new JV company will enable ST Electronics to offer a more comprehensive suite of satellite and earth observation solutions and services to its customers.
The set up of ST Electronics (Satellite Systems) marks a major milestone in the development of an indigenous high-tech satellite industry. The company will leverage the research and engineering competencies of both DSO and NTU to undertake research, development and manufacturing of products and services for advanced earth observation satellites. Together with the system development expertise and global marketing reach of ST Electronics, the JV will develop satellite technologies in Singapore and take these into the global market.
Source : Singapore Technologies Engineering Ltd (SGX: ST Engg)