ST Engineering has launched a new German subsidiary to manage components manufacturing, while Canberra and Singapore have entered into a pact to accelerate licencing of fintech ventures.
ST Engineering sets up new German unit, plans investment of €40m
EFW is a 55:45 joint venture of ST Aerospace and Airbus Group that combines various aviation and technology activities. This includes passenger-to-freighter aircraft conversions, maintenance and repair of Airbus aircraft, as well as the development and manufacturing of flat fibre-reinforced composite components for structures and interiors of the entire Airbus aircraft family. It is the exclusive supplier of composite flat sandwich panels to Airbus.
The new corporation will oversee the production of lightweight components – mainly comprising floor panels and cargo linings – for single-aisle Airbus aircraft and supplement EFW’s existing production line in Dresden as EFW expands its component production business.
With a planned investment of €40 million, the new component manufacturing factory will commence operations by H1 2018. According to ST Engineering, this new unit will not have any material impact on the consolidated net tangible assets per share and earnings per share of the group for the current financial year.