Shopping Cart  |  Intelligence Center


HOME PRODUCTS & SERVICES MEDIA CENTER CONSULTING SERVICES DEMOS SALES OFFICES OUR COMPANY LOG IN

AEROSPACE & DEFENSE ELECTRONICS
AIRLINES, COMMERCIAL AVIATION & MAINTENANCE
AVIATION ENGINES, PROPULSION & AUXILIARY POWER UNITS
INDUSTRIAL & MARINE GAS TURBINES
INTERNATIONAL MILITARY MARKETS & BUDGETS - ASIA, AUSTRALIA & PAC RIM/EURASIA
INTERNATIONAL MILITARY MARKETS & BUDGETS - EUROPE
INTERNATIONAL MILITARY MARKETS & BUDGETS - NORTH AMERICA
MILITARY AIRCRAFT
MILITARY VEHICLES, ORDNANCE, MUNITIONS, AMMUNITION & SMALL ARMS
MISSILES & MISSILE SYSTEMS
NAVAL SHIPS AND OPERATING SYSTEMS
NON-US AEROSPACE/DEFENSE COMPANIES & CONTRACTS
REGIONAL, BUSINESS & GENERAL AVIATION
ROTORCRAFT
SPACECRAFT, LAUNCH VEHICLES & SATELLITES
US AEROSPACE/DEFENSE COMPANIES & CONTRACTS
Drones and Unmanned Systems - Air, Sea, Land, Micro & Robot Systems
UTILITIES, ROTATING MACHINERY & POWER GENERATION

 
VT AEROSPACE TO ACQUIRE MRAS
Thursday, September 13, 2018
Click image for a larger picture

A320neo

Source: Airbus


A320neo

Source: Airbus


Close
SINGAPORE -- Vision Technologies Aerospace Inc (VT Aerospace), a subsidiary of Singapore Technologies Engineering Ltd (ST Engineering), has entered into a conditional share purchase agreement to acquire 100 percent ownership of MRA Systems LLC (MRAS) from General Electric. The aggregate purchase consideration for the proposed acquisition is $630 million on a cash-free and debt-free basis, subject to closing adjustments for underfunded pension obligations, other debt-like items, transaction expenses, net working capital, and other contingent adjustments.

After closing adjustments, the consideration for the proposed acquisition is estimated to be $440 million. This is to be funded through internal cash and external borrowings.

With 90 years of history in the aviation industry, MRAS manufactures engine nacelle systems for narrowbody and widebody aircraft. The company is based in Baltimore, Maryland, and has approximately 800 employees. Besides nacelles, MRAS also develops and manufactures thrust reversers and aerostructures.

MRAS supplies nacelles for Airbus A320neos powered by CFM International LEAP-1A engines, COMAC C919s powered by LEAP-1C engines, and COMAC ARJ21s powered by General Electric CF34 engines. MRAS also provides nacelles for Bombardier Global 7000/8000 series business jets.

Vincent Chong, President and CEO of ST Engineering, said, "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. 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."

David Joyce, Vice Chairman of GE and President and CEO of GE Aircraft Engines, said, "My congratulations to Vincent and the ST Engineering team for their proposed acquisition of our Middle River Aircraft Systems (MRAS) business. I am confident that ST Engineering is the right choice for the future. They are an outstanding partner with a dedication to engineering and operations excellence. We look forward to our continued work with the group and the Middle River team as an important supplier of nacelles on our propulsion systems for many years to come."

Lim Serh Ghee, President of ST Engineering's Aerospace sector, said, "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. MRAS fits into this strategic intent given its strong portfolio of intellectual properties and programs supporting high-growth aircraft platform such as the A320neo."

The deal is subject to regulatory approvals and conditions that include clearance from the Committee on Foreign Investment in the United States and anti-trust approvals in the U.S., France, and Brazil. The acquisition is expected to close by the end of the first quarter of 2019.

Source:  ST Engineering
Source Date: September 13, 2018
Posted: 09/13/2018

 

NOTICE TO USERS

Warranty: Forecast International makes no guarantees as to the veracity or accuracy of the information provided. It warrants only that the information, which has been obtained from multiple sources, has been researched and screened to the best of the ability of our staff within the limited time constraints. Forecast International encourages all clients to use multiple sources of information and to conduct their own research on source data prior to making important decisions. All URLs listed were active as of the time the information was recorded. Some hyperlinks may have become inactive since the time of publication.

Technical Support: Phone (203)426-0800 e-mail support@forecast1.com

Subscription Information: Phone (203)426-0800 or (800)451-4975; FAX (203)426-0223 (USA) or e-mail sales@forecast1.com

Aerospace/Defense News Highlights is published by Forecast International, 22 Commerce Road, Newtown CT 06470 USA. Articles that list Forecast International as the source are Copyrighted © 2018. Reproduction in any form, or transmission by electronic or other means, is prohibited without prior approval from the publisher.

Forecast International invites all interested companies to submit their announcements and press releases for review and inclusion in our Intelligence Letters.

Contact: Ray Peterson, Director of Research
E-Mail: Ray.Peterson@forecast1.com
Phone: 800-451-4975
FAX: 203-270-8919



HOME PRODUCTS & SERVICES MEDIA CENTER CONTACT US PRIVACY STATEMENT TERMS AND CONDITIONS

Forecast International © 2018 22 Commerce Rd Newtown, CT 06470 USA Phone: 203.426.0800 Toll-Free: 800.451.4975 (USA & Canada) Fax: 203.426.0223 info@forecast1.com