New Delhi, Sept. 17 -- Singapore Technologies Engineering Ltd (ST Engineering) announced today that its aerospace arm, Singapore Technologies Aerospace Ltd (ST Aerospace) has set up a wholly-owned subsidiary, ST Aerospace Rotables Pte. Ltd. (STAR), with paid up capital of US$1.5m (approximately S$1.88m). STAR, a global asset services company, will be headquartered in Singapore with marketing offices in the Americas, EMEA and Asia Pacific.

STAR will drive the ST Aerospace's foray into a new growth area, focusing on rotable assets leasing, asset trading, rotables loan and exchange, as well as providing support to the sector's Maintenance-By-the-Hour (MBHTM) programme. The new set up is in line with ST Aerospace's plan to develop and extend its component total support capability, to address evolving market demands. STAR will manage rotable assets for customers, through expert trading and utilisation via loan and exchange. It will leverage ST Aerospace's brand and expertise to help customers monetise existing assets through its wide range of inventory solutions. Customers would also have access to ST Aerospace's full suite of total aviation support services. With a network of subsidiaries and associated companies located in strategic hubs around the world, ST Aerospace has a comprehensive maintenance capability for over 25,000 component part numbers with an annual throughput of 85,000 components. It also manages an asset pool of rotables in excess of US$400 million, and is able to deliver flexible and customised component solutions to customers worldwide. The incorporation of STAR 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. ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering. 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 management services, including Total Aviation Support. ST Aerospace has a global staff strength of more than 8,000 engineers and technical specialists.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 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.www.stengg.com.

Copyright 2012 Singapore Government News, distributed by Contify.comAll Rights Reserved

Originally posted here:

ST Engineering's Aerospace Arm Establishes New Global Asset Services Company