ANDREW DOYLE / SINGAPORE
Singapore Technologies Engineering Aerospace (ST Aero) has finally dropped out of the running to acquire former Swissair maintenance division SR Technics. "At this moment we don't believe there is the possibility of an acquisition in any form," says ST Aero president Tay Kok Khiang.
SR Technics has been for sale since the collapse of its parent last year, and has attracted several potential bidders including Lufthansa Technik and EADS. ST Aero made a conditional offer for SR Technics, but this expired without acceptance.
Tay also reveals ST Aero has looked at the assets of insolvent German airframer Fairchild Dornier, but decided not to make an offer because "we did not feel it fits our business".
ST Aero stabilised its first-half profit at S$112 million ($64 million) for the first half of the year, on turnover of S$511 million - a slight decline on a year earlier. It expects new ventures Bournemouth Aviation Services and San Antonio Aerospace to generate losses this year, but says it is seeing a general recovery in the maintenance, repair and overhaul market.
The Singapore company has, meanwhile, revealed plans to enter the rapidly growing Airbus A330/A340 heavy maintenance sector.
Source: Flight International
