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ST Engineering shuts Brazil unit
SINGAPORE Technologies Engineering (ST Engineering) on Thursday said that VT Systems Participações Ltda, a subsidiary of ST Engineering North America, Inc in Brazil, has been closed as part of its ongoing efforts to streamline the group's corporate structure.
ST Engineering did not disclose the nature of this unit's business.
The exercise is not expected to have any material impact on ST Engineering's consolidated net tangible asset per share, and earnings per share for the current financial year, the group said.
In June this year, VT Systems announced that it has changed its legal name from Vision Technologies Systems, Inc to ST Engineering North America, Inc.
ST Engineering North America is the US headquarters of mainboard-listed ST Engineering.
Located in Alexandria, Virgina, ST Engineering North America has 15 operating units employing about 5,000 employees across 17 cities, as at June this year.
Its business cuts across the aerospace, electronics, land systems and marine sectors, including aircraft repair, satellite-based IP communications technology, weapons systems, road construction equipment, as well as ship design.
As at 10.43am on Friday, ST Engineering shares were trading at S$3.94, up 0.3 per cent, or one Singapore cent.