Singapore-based multinational defence and aerospace corporation ST Engineering has completed the purchase of a smaller aircraft repair company.
ST Engineering last month acquired the final 50% stake in Singapore Precision Repair and Overhaul Pte Ltd (S-PRO) from former owner Messier-Bugatti-Dowty (Safran).
All up, this purchase cost ST Engineering $S8.5m ($5.9m).
Following this acquisition, S-PRO will become a wholly-owned subsidiary of ST Aerospace Systems, itself a subsidiary of the aerospace arm of ST Engineering called Singapore Technologies Aerospace Ltd (ST Aerospace).
This purchase of S-PRO represents a further consolidation of ST Engineering’s aerospace portfolio.
S-PRO, previously owned by French aircraft landing gear manufacturer Messier-Bugatti-Dowty (Safran), acted as a local centre for repair and maintenance of aircraft landing gear.
According to a statement, ST Engineering plans to continue these operations into the future.
“The acquisition aligns with ST Aerospace’s strategy to develop its Singapore base as the centre of excellence for landing gear maintenance, repair and overhaul,” the company explained.
As well, S-PRO has also signed an agreement with its former owner, to remain as an authorised service centre for fixed wing aircraft and helicopters with the company’s landing gear.
There has been no official comment from ST Engineering on any potential restructuring or job losses at S-PRO post-acquisition.
ST Engineering is a multinational manufacturer of aerospace and defence systems, with offices on several continents
Among the products produced by this highly diversified company are munitions, stealth patrol boats, unmanned aircraft and electronic systems, which it sells to customers in Asia and the West.
Last financial year the company took in $S6.54bn ($4.6bn) in profits, making the purchase of S-PRO a relatively minor acquisition which has had little effect on its stock price.