ST Engineering’s Aerospace arm sets up companies

Singapore Technologies Engineering (ST Engineering) announced that its indirect associated company, Total Engine Asset Management (TEAM), has set up wholly-owned subsidiaries, TEAM France 01 S.A.S. and TEAM France 02 S.A.S in France. TEAM France 01 and France 02, with share capital of €230,001 (approximately S$352,385) and €70,000 (approximately S$107,247) respectively, will focus on supporting TEAM on engine leasing. TEAM is a joint venture between ST Aerospace Engines (STA Engines) (50%) and Marubeni Corporation (50%). Established in 2011 in Singapore, TEAM provides engine leasing services for CFM56-3, CFM56-5B, CFM56-7B engines that power narrow-body aircraft such as the Airbus A320 and Boeing 737, as well as the IAE V2500 turbofan engine which powers the Airbus A320 family (A320, A321, A319 and the Airbus Corporate Jet). STA Engines is a wholly-owned subsidiary of Singapore Technologies Aerospace, specialising in aircraft engine aftermarket services.