ST Engineering says TransCore acquisition complies with US regulations

DEFENCE and engineering group Singapore Technologies Engineering (ST Engineering) said on Thursday (Apr 21) that its acquisition of transportation solutions provider TransCore complies with all local, state and federal laws, regulations as well as customers’ requirements in the US.

The company was responding to queries from The Business Times, after officials from the Ohio Turnpike and Infrastructure Commission expressed concern about TransCore's ownership.

TransCore has run the Ohio Turnpike’s customer service operations and toll collection systems since 1975 and its current contract lasts from 2021 to 2026.

News site Cleveland.com reported on Tuesday (Apr 19) that officials had expressed concern about TransCore’s sale to ST Engineering at a commission meeting.

State representative Haraz Ghanbari, a Perrysburg Republican who attended the meeting on a non-voting basis, expressed concern about putting toll collection data such as names, addresses and licence plate numbers in the hands of a company based outside the United States.

ST Engineering group head of corporate communications and investor relations Lina Poa said: “Specifically, all customer data with respect to TransCore’s projects in the US will continue to remain in the US and will not be used for any purposes beyond those necessary to provide the required services.

“Additionally, we will continue to ensure confidential customer data is stored at locations and processed in accordance with customer directives.”

Poa also noted that ST Engineering has not received any queries from commission officials.

The company’s acquisition of TransCore was completed last month after regulatory approvals had been sought, including clearance from the Committee on Foreign Investment in the United States (CFIUS).

ST Engineering shares closed up 0.7 per cent or S$0.03 at S$4.15 on Thursday.