Singapore, 20 May 2014 – Singapore Technologies Engineering Ltd (ST Engineering) today announced that Vision Technologies Aerospace Incorporated (VT Aerospace) has acquired 100% equity interest in Aviation Academy of America, Inc., for a purchase consideration of
US$811,238 (approximately $1.02m). Following the acquisition, Aviation Academy of America, Inc. will become a wholly owned subsidiary of VT Aerospace.
The purchase consideration for Aviation Academy of America was arrived at, after negotiations between the parties, taking into account the company’s past performance and future growth prospects.
The acquisition is part of the Group’s aerospace sector’s strategic initiative to grow its pilot training capacity and capabilities to support the rising global demand. Marketed as part of ST Aerospace’s global network with an expanded footprint into the US, the new business will work closely with the aerospace sector’s existing pilot training businesses in Singapore and Ballarat, Australia, to offer an integrated suite of pilot training services to customers around the world.
Based in New Braunfels, Texas, Aviation Academy of America is a US Federal Aviation Administration Part 141 approved flight school currently operating at New Braunfels regional airport, 35 miles northeast of the aerospace sector’s San Antonio-based aircraft maintenance, repair and overhaul facility.
VT Aerospace, which owns five aerospace operating companies in Mobile, Alabama; San Antonio, Texas; Wethersfield, Connecticut; and Burlington, Washington; is a subsidiary of Vision Technologies Systems, Inc. (VT Systems), the US headquarters of ST Engineering.
The acquisition 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.
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 with a turnover of $2.08b in FY2013. 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 $6.63b in FY2013 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 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.