Singapore Technologies Engineering’s US subsidiary, Vision Technologies Aerospace Incorporated (VT Aerospace), has entered into a conditional share purchase agreement to acquire a 100 per cent ownership in MRA Systems, LLC (MRAS) from General Electric Company for US$630m.
Based in Baltimore, Maryland, MRAS is an OEM of engine nacelle systems for both narrowbody and widebody aircraft. Having about 800 employees, MRAS has two principal business lines: spare parts sales and design, development, production and sale of nacelles, thrust reversers and aerostructures.
MRAS’ programmes include the A320neo powered by CFM International’s LEAP-1A engine, Airbus’ new-engine option for its A320 aircraft family. Other single-source programmes in the company’s portfolio include COMAC’s C919 powered by CFM International’s LEAP-1C turbofan engine and COMAC’s ARJ21 powered by General Electric’s CF34 engine. MRAS also provides nacelles for Bombardier’s Global 7000/8000 series of next-generation private/business jet.
“ST Engineering keeps a constant lookout to acquire companies in our core business areas or adjacencies that will contribute profitable revenue streams and sharpen our competitive edge,” said Vincent Chong, President & CEO of ST Engineering. “We are excited by the prospects of our investment in MRAS, which is a high-value and complementary business that will enhance our scale, global reach and capture synergies for the Group.”
“I am confident that ST Engineering is the right choice for the future<” said David Joyce, Vice Chairman of GE and President and CEO of GE Aircraft Engines. “They are an outstanding partner with a dedication to engineering and operations excellence.”
“Moving upstream into the business of design and manufacturing of nacelles will allow us to benefit directly from the robust growth of the global aircraft fleet as an OEM, and enable us to serve our customers better through an enhanced suite of products and services,” said Lim Serh Ghee, President of ST Engineering’s Aerospace sector.” “MRAS fits into this strategic intent given its strong portfolio of intellectual properties and programmes supporting high-growth aircraft platform such as the A320neo.”
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