Singapore Technologies Engineering Ltd (ST Engineering) today announced that Vision Technologies Aerospace Incorporated (VT Aerospace) has entered into an agreement with Pratt & Whitney to invest in a 50.1% stake in EcoServices, LLC (EcoServices), for a purchase consideration of US$33.3m (approximately S$43m). Pratt & Whitney will retain the remaining 49.9% stake. Following the investment, EcoServices will become a subsidiary of VT Aerospace. Under this agreement, EcoServices will provide EcoPower Engine Wash services to customers around the world. VT Aerospace holds the aerospace companies of Vision Technologies Systems, Inc. (VT Systems), the US headquarters of ST Engineering.
The consideration was arrived at, after negotiations between the parties, taking into account EcoPower Engine Wash’s past performance, current profitability and future growth prospects. Subject to regulatory approvals and customary conditions precedent, the transaction is anticipated to close around March 2012.
The investment is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
This investment aligns with ST Engineering’s strategic direction to focus on the development of sustainable environmentally-friendly solutions across its business sectors to meet rising environmental challenges. It is also in line with the ST Engineering’s plan to develop engine total support capability, to address customer and market demands.

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