Fri, Feb 24, 2006
Singapore Company To Provide MRO Support For A500/A700
Large aerospace
manufacturers like Airbus and Boeing aren't the only ones making
noise this week in Singapore. Thursday, Singapore Technologies
Engineering Ltd. signed a letter of intent with Adam Aircraft, to
establish a strategic partnership to address the VLJ and piston
aircraft market segments.
If the partnership goes ahead, ST Engineering's aerospace arm,
ST Aerospace, will provide engineering, logistics (including
components), and MRO support for Adam's A500 piston inline twin
(shown below) and A700 very light jet. Through its partnership with
ST Aerospace, Adam hopes to lower the cost of ownership of its
aircraft, and provide total aviation support for its light jet and
piston aircraft.
"Being a young company, we are pleased to be associated with the
world's largest third-party MRO service provider, ST Aerospace,
which can provide not only first class MRO services for our
customers but can also help our marketing efforts through their
global footprint," said Adam Aircraft CEO Rick Adam. "With ST
Aerospace as our strategic partner, we will together be able to
provide a wide range and depth of expertise and capabilities to
support AAI's rapid growth in North America."
The partnership will also provide ST Aerospace with the option
-- exercisable within seven years -- to invest up to $50 million US
in Adam Aircraft.
"AAI represents a new
strategic partner and customer for ST Aerospace," said ST
Engineering president and CEO TAN Pheng Hock. "In addition, it
presents us with the potential to tap into an emerging and
promising VLJ market and the latest composite technology. The AAI
partnership builds upon our strengths in MRO, aircraft logistics
and engineering and extends our range of relationships with
OEMs."
Representatives with Adam and ST Aerospace report the LOI is
non-binding, and subject to due diligence studies expected to be
completed in 60 days.
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