ST Aerospace is dissolving its joint venture company with BAE Systems, Singapore British Engineering (SBE), the company announced Monday.
ST Aerospace said the 51%-owned subsidiary has begun voluntary winding up.SBE was created to market BAE Systems avionics and defense products in Singapore.
The decision to liquidate SBE was mutually agreed upon between ST Aerospace and BAE Systems, and a result of ongoing engagement and reviews between the partners to better support the latters business growth in the region through ST Aerospaces global network, ST Aerospace said in a statement.
The companys existing contracts will be taken on by ST Aerospace subsidiary STA Supplies.
ST Aerospace last week warned that 300 employees could be affected by a restructuring of its ST Aerospace Solutions (Europe) A/S subsidiary, due to weak European market conditions (ATW Daily News, Sept. 7).
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ST Aerospace ends Singapore British Engineering JV
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