SINGAPORE --- Singapore Technologies Engineering Ltd refers to its earlier announcements made on 13 September 2018, 29 March 2019 and 14 April 2019 in relation to the proposed acquisition by its US subsidiary, Vision Technologies Aerospace Incorporated, of a 100% ownership in MRA Systems, LLC (MRAS).
On 18 April 2019, the Proposed Acquisition was completed at a net consideration of about US$506m (approximately S$683m) in cash, subject to post-completion adjustments for debt-like items and working capital.
MRAS is now an indirect wholly-owned subsidiary of ST Engineering, whose aerospace capabilities now include the Original Equipment Manufacturer business of high-value nacelle systems and replacement parts.
With the inclusion of MRAS, ST Engineering has greatly boosted its network of facilities in the U.S. to support regional and global customers. Its extensive capabilities in the U.S. ranges from services in airframe maintenance, VIP completions and aircraft interior refurbishment to now nacelle design and manufacturing.
The acquisition of MRAS is expected to be earnings accretive for ST Engineering.