New investment will grow its aerospace sector’s composite manufacturing and repair capabilities
Singapore, 3 May 2013 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that ST Aerospace San Antonio, L.P. (STA San Antonio) has acquired substantially all of the assets of Turbo Mach, LLC (Turbo Mach), for a purchase consideration of US$250,000 (approximately S$308,500). This purchase, which was signed and completed today, will transfer Turbo Mach’s existing contracts, equipment, inventories, key employees, as well as its trade names ‘Turbo Mach’, ‘Turbo Mach R&D’, ‘Turbo Liner’ and ‘NAAS Composite Technologies’ to STA San Antonio.
Based in San Antonio,Texas, Turbo Mach is a designer and manufacturer of composite components and assemblies for the aerospace industry.
Following the acquisition, the purchased business will operate as a division of STA San Antonio. It will be immediately processing customer transactions with substantially the same personnel, with a seamless transition anticipated. STA San Antonio is a subsidiary of Vision Technologies Aerospace Incorporated (VT Aerospace). VT Aerospace, which owns five aerospace operating companies in Mobile, Alabama; San Antonio, Texas; Burlington, Washington and Hartford, Connecticut, is a subsidiary of Vision Technologies Systems, Inc. (VT Systems), the US headquarters of ST Engineering.
The consideration was arrived at, after negotiations between the parties, taking into account Turbo Mach’s past performance and fair market value of its assets.
The asset acquisition is in line with the focus of the Group’s aerospace sector to develop its manufacturing and repair capabilities to support the current and the next generation of aircraft. With its strengths in composite manufacturing, the new business will enhance the sector’s aircraft cabin refurbishment business with a robust suite of cabin interior services.
To be marketed as part of the aerospace sector’s global MRO network, this new division will work closely with ST Aerospace’s MRO network to offer one-stop repair & overhaul services and turnkey cabin retrofit services.
The asset purchase 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.
VT Systems (Vision Technologies Systems, Inc.) is an engineering company providing integrated solutions to the commercial and government markets in the aerospace, electronics, land systems and marine sectors. VT Systems’ innovative solutions, products and services include aircraft maintenance, repair and modification; software solutions in training and simulation; satellite-based IP communications technology; network solutions that integrate data, voice and video; rugged computers and computer peripheral equipment; specialised truck bodies and trailers; weapons and munitions systems; road construction equipment; and ship design and shipbuilding. Headquartered in Alexandria, Va., VT Systems operates globally and is a wholly owned subsidiary of ST Engineering. Please visit www.vt-systems.com.
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering. Operating a global MRO network with facilities and affiliates in the Americas, Asia Pacific and Europe, it is the world’s largest commercial airframe MRO provider with a global customer base that includes leading airlines, airfreight and military operators. ST Aerospace is an integrated service provider that offers a spectrum of maintenance and engineering services that include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; and aviation materials and management services, including Total Aviation Support. ST Aerospace has a global staff strength of more than 8,000 engineers and technical specialists. Please visit www.staero.aero.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of S$6.38b in FY2012 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, FTSE ASEAN 40 Index, MSCI Singapore and other indices. ST Engineering has more than 22,000 employees worldwide, and over 100 subsidiaries and associated companies in 23 countries and 41 cities. Please visit www.stengg.com.
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