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ST Aerospace and Tenryu Holdings to set up joint venture
SINGAPORE Technologies Engineering's aerospace arm, ST Aerospace, is teaming up with Tenryu Holdings Co to set up a joint venture, ST Aerospace Aircraft Seats, which will have a planned investment of S$29.8 million.
ST Aerospace will own 90 per cent of the joint-venture shares, with the remaining 10 per cent to be held by Tenryu.
Based in Singapore, ST Aerospace Aircraft Seats will design and manufacture a range of aircraft seats, such as economy, business and first class seats.
"With the addition of ST Aerospace Aircraft Seats into our global network, this new joint venture will allow us to strengthen our foothold in the aircraft product development sphere and add a new dimension to our integrated cabin interiors offering," said president of ST Aerospace, Lim Serh Ghee.
Norio Fukunishi, president of Japan-based Tenryu Holdings, added: "This new JV strengthens our partnership with ST Aerospace, with whom we have established a long-standing relationship over the years. With our combined expertise, we are confident of carrying on with our tradition to deliver state-of-the-art cabin seating solutions to customers worldwide."
The Tenryu Group specialises in the development and manufacturing of transportation seats used in coaches, trains and airlines.