Singapore, 5 September 2016 – Singapore Technologies Engineering Ltd’s (ST Engineering) aerospace arm, Singapore Technologies Aerospace Ltd (ST Aerospace) today announced that its 50%-owned associated company, Madrid Aerospace Services S.L. has been liquidated.
Consequently, Madrid Aerospace Services has ceased to be an associated company of ST Aerospace.
The liquidation of Madrid Aerospace Services, which is based in Madrid, Spain, is result of ongoing business review on the Group’s landing gear strategy to streamline capabilities and optimise resources within the aerospace sector.
Madrid Aerospace Services is a joint venture between ST Aerospace and Iberia Maintenance, the technical division of Spain’s Iberia Airlines. Located in Madrid, Spain, the business specialises in the repair and overhaul of landing gear systems and components.
The liquidation of Madrid Aerospace Services 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.
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering with a revenue of $2.09b in FY2015. 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 asset management services, including Total Aviation Support. ST Aerospace has a global staff strength of around 8,000 employees worldwide. 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 revenue of $6.34b in FY2015 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. ST Engineering has about 23,000 employees worldwide, and over 100 subsidiaries and associated companies in 46 cities across 24 countries. Please visit www.stengg.com for more information.
VP, Corporate Communications
Tel: (65) 6380 6176