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ST Aerospace completes additional investment in German Airbus parts supplier EFW
GERMAN Airbus parts supplier, Elbe Flugzeugwerke GmbH (EFW), is now a subsidiary of Singapore Technologies Aerospace, after the latter completed its investment of an additional 20 per cent equity interest in EFW.
ST Aerospace - the aerospace arm of Singapore Technologies Engineering - now owns 55 per cent of EFW's shareholding, with Airbus Defence and Space GmbH (Airbus) holding the remaining 45 per cent.
EFW, based in Dresden, Germany, has a staff strength of over 1,000 and annual revenues of over 200 million euros (S$309.1 million).
"Apart from being the exclusive supplier for composite flat panels to Airbus for all Airbus aircraft, the company will serve as ST Aerospace's centre for passenger-to-freighter conversions, aircraft maintenance, repair and overhaul (MRO), as well as engineering services in Europe, leveraging ST Aerospace's global network, track record and expertise in aircraft MRO and engineering," said ST Engineering in a press release on Monday.
The investment 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.