SIAEC announces joint venture in Malaysia with power management giant Eaton
Michelle Zhu
AIRCRAFT engineering and maintenance provider SIA Engineering Company (SIAEC) has inked an agreement with New York-listed Eaton to establish a component maintenance, repair and overhaul joint venture (JV) company in Malaysia.
To be 49 per cent-owned by SIAEC with Eaton holding the remaining 51 per cent equity stake, the JV will inspect, test, repair, maintain, modify and overhaul Eaton-manufactured aircraft components installed on airframe and engine fuel systems and hydraulics systems.
This is expected to build presence and service capacity for both parties’ customers in the Asia-Pacific region, said SIAEC on Tuesday (Jul 11).
“This JV will be an important platform to build capabilities on new-generation aircraft and will complement our existing portfolio of engine and component JVs with other leading original equipment manufacturers,” said SIAEC chief executive Ng Chin Hwee.
Ng highlighted the relationship with Eaton in Malaysia as strategic for SIAEC, as the group grows its component capabilities and competitiveness of its component power-by-the-hour product offering.
SIAEC does not expect the JV to have a material impact on its net tangible assets or earnings per share for the financial year ending Mar 31, 2024.
The counter closed on Tuesday S$0.02 or 0.81 per cent higher at S$2.48.
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