Mainboard-listed SIA Engineering Company (SIAEC) and Eaton have formed a joint venture (JV) company, Eaton Aerospace Component Services Asia Sdn Bhd, in Malaysia. SIAEC holds a 49% equity stake in the company, while Eaton holds the remaining 51%.
This development follows SIAEC's and Eaton's announcement on July 11, 2023 (Singapore time) regarding the signing of a definitive agreement to establish a component maintenance, repair and overhaul joint venture. This JV will inspect, test, repair, maintain, modify and overhaul Eaton-manufactured aircraft components installed on airframe and engine fuel systems and hydraulic systems. The Malaysian-based JV will leverage the combined expertise and experience of Eaton and SIAEC to serve customers in the Asia Pacific region.
With the addition of this JV, SIAEC now has a comprehensive portfolio of 24 subsidiaries and joint ventures with leading original equipment manufacturers and other strategic partners across eight countries.
The incorporation of the JV is not expected to have a material impact on the net tangible assets per share or the earnings per share of the SIAEC Group for the financial year ending March 31, 2025.
Eaton is a provider of hydraulic, fuel, oxygen, fluid and air conveyance, electrical, motion control and engine solutions, as well as aftermarket service and support, that power military and commercial aircraft globally.
