Singapore Technologies Engineering Ltd

Singapore Technologies Engineering Ltd Overview

Company Headquarters: Paya Lebar, Singapore

Founded: 1975

Workforce: ~22,000

Company Working: Singapore Technologies Engineering Ltd specializes in the repair and overhaul of aircraft avionics, systems, and components. It operates through five segments, namely aerospace, electronics, land system, marine, and others. It provides landing gear repair, overhaul, and exchange services through its aerospace segment. ST Aerospace Engineering Pte Ltd, VT Aerospace Mobile, ST Aerospace Systems, and Pacific Flight Services Pte Ltd (PFS) are the subsidiaries of the company. It has its offices in 44 countries worldwide, and it predominantly operates in Asia-Pacific, Europe, and North America.

Strategy

Singapore Technologies Engineering Ltd focuses on strategic partnerships with major airlines across the globe to increase its global presence. Furthermore, the company aims to strengthen its position in the global aviation engine MRO market by acquiring prominent MRO companies.

Company Snapshot

$4,953M

Revenue

22,000

Employees

1975

Founded

Paya Lebar, Singapore

Headquarters

SWOT Analysis

Strengths

Wide geographical presence
Large global customer base
Experienced workforce
Wide geographic presence

Weaknesses

High operational costs
High operational cost

Opportunities

Increased business prospects through gaining more military contracts
Growth opportunities in Asia-Pa
Increased business prospects through acquisition of smaller MRO firms

Threats

Threat from competitors such as Air France Industries KLM Engineering & Maintenance and SIA Engineering Company Ltd
Increasing costs of aftermarket componen

Key Developments

Date	Approach	Development
February 2020	Agreement	Singapore Technologies Engineering Ltd signed an agreement with CFM International, a provider of jet engines for commercial aircraft based in the US, to provide MRO services for the latter’s LEAP-1B engine.
February 2020	Contract	Singapore Technologies Engineering Ltd signed a contract with T'way Air to provide Maintenance-By-the-Hour (MBH) services and integrated suite of CFM56-7B engine MRO solutions for the latter’s Boeing 737-800 fleet.
November 2019	Contract	Singapore Technologies Engineering Ltd signed a 15-year contract with Japan Transocean Air to provide engine MRO solutions for the Boeing 737NG fleet.
June 2019	Joint Venture	Singapore Technologies Engineering Ltd and Vietnam Airlines Engineering Company (VAECO), a subsidiary of Vietnam Airlines Co Ltd, collaborated to form a joint venture Vietnam Singapore Technologies Engineering Aerospace Co. Ltd. (JVCo) based in Vietnam. The formation of the joint venture enabled the company to strengthen its presence in the Vietnamese aviation market.
April 2019	Acquisition	Singapore Technologies Engineering Ltd acquired Middle River Aerostructure Systems, a provider of engine nacelle components and specialized aerostructures and MRO services. The acquisition enabled the company to strengthen its presence in the engine MRO market.
January 2017	Contract	Singapore Technologies Engineering Ltd signed a five-year contract, worth approximately USD 840 million, with Alaska Airlines. As per the terms of the contract, Singapore Technologies Engineering Ltd provided maintenance support for the airline’s CFM56-7B engines that power the Boeing 737-700 and 737-900 aircraft fleets.
Development	Contract	Singapore Technologies Engineering Ltd signed a contract with Air Canada for providing airframe maintenance and component support for the latter’s Boeing 787 Dreamliner fleet.
January 2017	Contract	Singapore Technologies Engineering Ltd signed a five-year contract, worth approximately USD 840 million, with Alaska Airlines, to provide maintenance support for the airline’s CFM56-7B engines that power Boeing 737-700 and 737-900 aircraft fleets.

Product Offering

Singapore Technologies Engineering Ltd
- Aviation Engine MRO
- Aircraft Landing Gear MRO

Financial Performance

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