ST Engineering focuses on ways to ensure sustainability without government support
Group will continue to streamline business portfolios, and explore cost-reduction measures
Singapore
IN ANTICIPATION of the absence of government subsidies next year, Singapore Technologies Engineering (ST Engineering) said it will cut costs to offset headwinds from the Covid-19 pandemic.
For its aerospace sector, this means "exiting some businesses that have less long term viability", said Jeffrey Lam, deputy president of the aerospace sector at ST Engineering, on Friday during the group's results briefing for the first half of 2020. Reviews of these businesses are currently ongoing.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Banks slip on Wednesday as STI falls 1.1%
Indian billionaire Birla said to mull US$1.2 billion in Novelis IPO
Apple’s China iPhone shipments soar 12% in March after discounts
Indian banks to step up IT spends as regulatory scrutiny rises
Puma returns to sales growth in Americas despite ‘volatile’ market
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture