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Singapore Technologies Engineering refers to its earlier announcements made on September 13, 2018, March 29, 2019 and April 14, 2019, in relation to the proposed acquisition by its US subsidiary, Vision Technologies Aerospace Incorporated, of a 100% ownership in MRA Systems (MRAS).
On April 18, 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.