SINGAPORE - ST Aerospace Systems has acquired the remaining 50 percent stake in Singapore Precision Repair and Overhaul Pte Ltd (S-PRO) from Messier-Bugatti-Dowty for a cash consideration of $8.15 million.
S-PRO thus becomes a wholly-owned subsidiary of ST Aerospace Systems. The latter is a wholly owned subsidiary of Singapore Technologies Aerospace Ltd, the aerospace arm of ST Engineering.
Based in Singapore, S-PRO specializes in the repair and overhaul of aircraft landing gear systems and components. It had audited net assets of $24.4 million at the end of 2014. ST Aerospace indicated that the acquisition aligns with its strategy to develop its Singapore base as the center of excellence for landing gear maintenance, repair and overhaul.
Concurrent with the acquisition, S-PRO signed an agreement with Messier-Bugatti-Dowty to remain as an authorized service center for that company's landing gear, wheels, brakes, and hydraulic components.
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