SINGAPORE (Sept 13): ST Engineering has entered into a conditional share purchase agreement to acquire a 100% stake in engine nacelle systems manufacturer MRA Systems for US$630 million on a cash-free and debt-free basis. The seller is the General Electric Company which has been shedding some of its companies in recent years.
MRA Systems has been in the aviation industry for 90 years as an established original equipment manufacturer of engine nacelle systems for narrowbody and widebody aircraft. The company is based in Baltimore, Maryland, USA, and has about 800 employees. The engine nacelle is the casing that houses the aircraft engine, providing efficient aerodynamics in flight and thrust reversal capabilities.
The acquisition will also include the 17 patents held by MRA Systems, which covers advanced composite designs, as well as...(click on link for full story on theedgesingapore.com)