Singapore, 6 August 2012 – Singapore Technologies Engineering Ltd (ST Engineering) announced today that further to its announcement on 18 June 2012, Vision Technologies Aerospace Incorporated (VT Aerospace) and Pemco World Air Services Inc. (PEMCO) have agreed to terminate their asset purchase agreement whereby VT Aerospace intended to acquire PEMCO's Tampa aerospace facility and certain other assets. The decision to terminate the agreement was made after certain closing conditions could not be fulfilled by the seller prior to the closing deadline.
VT Aerospace (Vision Technologies Aerospace Incorporated) is the aerospace operations of VT Systems (Vision Technologies Systems, Inc.). A leading aerospace maintenance and engineering division specialising in aircraft engineering design, maintenance and modification, it owns four aerospace operating companies in Mobile, Alabama; San Antonio, Texas and Hartford, Connecticut. It is one of the largest private employers in Mobile, and the largest private independent MRO employer in San Antonio.
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 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$5.99b in FY2011 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.