Singapore Technologies Aerospace Ltd. (ST Aerospace) has purchased an additional 20 percent equity in Elbe Flugzeugwerke (EFW), which makes EFW a subsidiary of the former. ST Aerospace now owns 55 percent of the shares, with Airbus Defense and Space (Airbus) holding the balance of 45 percent.
Airbus, EFW and ST Aero began collaboration in June 2015 on an A320/A321 passenger-to-freighter aircraft conversion program, similar to a 2013 program to convert the A330 passenger-to-freighter conversions.
EFW, an engineering company that also specializes in conversions and MRO work, has a staff of more than 1,000 and annual revenues of more than US$218 million. In addition to supplying composite flat panels to Airbus for all of its aircraft, EFW will serve as ST Aero’s center for P-to-F conversions, aircraft maintenance, repair and overhaul, and engineering services in Europe.
This transaction is not expected to have any great impact on the consolidated net tangible assets per share or earnings per share of ST Engineering in the current fiscal year.1 - Reader Likes This Post