ST Engineering's Aerospace Arm Completes Acquisition Of Volant Aerospace
Singapore Technologies Engineering Ltd (ST Engineering) today announced that further to the announcement made on 17 December 2012, Vision Technologies Aerospace Incorporated (VT Aerospace) has completed the acquisition of 100% equity interest in Volant Aerospace, LLC (Volant). The acquisition was completed following the fulfilment of customary conditions precedent.
With a current staff of approximately 60 specialists, Volant provides new and refurbished interior parts and support services to aircraft operators, leasing companies, integrators and maintenance, repair and overhaul (MRO) service providers. Volant will be managed as part of the aerospace sector’s global MRO network, working closely with ST Aerospace’s MRO subsidiaries, affiliates and in-house engineering and development centre, as well as its engineering design specialist, DRB Aviation to offer one-stop turnkey cabin retrofit services.
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The acquisition will not have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
Source : Singapore Technologies Engineering Ltd (SGX: ST Engg)