ST Engineering's aerospace arm sucessfully bids for PEMCO's Tampa facility

Singapore Technologies Engineering (ST Engineering) announced that Vision Technologies Aerospace Incorporated (VT Aerospace) has made a successful bid for the Tampa aerospace maintenance facility and certain assets of Pemco World Air Services (PEMCO), including the Boeing 737 freighter conversion Supplemental Type Certificates, for a purchase consideration of US$49.7m (approximately S$64m) at a bankruptcy auction. VT Aerospace will also assume selected liabilities estimated at US$6.2m (approximately S$8m). The acquisition is contingent upon the approval of the sale by the United States Bankruptcy Court in the District of Delaware on June 12th 2012. Subject to regulatory approvals and customary conditions precedent, the acquisition is anticipated to close in July 2012. VT Aerospace holds the aerospace companies of Vision Technologies Systems (VT Systems), the US headquarters of ST Engineering.