STEng – BT
ST Engg unit wraps up stake in EcoServices
VT Aerospace acquires 50.1% equity interest
SINGAPORE Technologies Engineering (ST Engineering) has completed the acquisition of a 50.1 per cent stake in US-based engine wash services provider EcoServices LLC, with a restructuring of the original investment terms.
The completion of the investment makes EcoServices a subsidiary of Vision Technologies Aerospace Incorporated (VT Aerospace). VT Aerospace holds the aerospace companies of Vision Technologies Systems Inc (VT Systems), the US headquarters of ST Engineering.
Under the restructured terms, VT Aerospace acquired the 50.1 per cent equity interest for US$20 million, instead of US$33.3 million as announced last December.
But Pratt & Whitney – which retains the remaining 49.9 per cent stake – contributed all the assets of the EcoServices business to EcoServices except the business' intellectual property.