ST Aerospace Completes Investment in EADS EFW
05-Feb-2013 ST Aerospace will commence the A330P2F engineering development phase in February.
ST Aerospace today announced that further to the announcement made on 19 May 2012, it has completed its investment of 35% equity interest in Elbe Flugzeugwerke GmbH (EADS EFW). The investment was completed following the receipt of regulatory approvals and fulfilment of customary conditions precedent. Following this completion, ST Aerospace will commence the A330P2F engineering development phase in February.
A Dresden-based company with a current staff of over 1,100 specialists and revenues of over &brkbar;200m, EADS EFW combines various aviation and technology activities under one roof. Its capabilities include passenger-to-freighter conversions, aircraft maintenance and repair, as well as engineering services. It also manufactures and supplies composite flat sandwich panels to Airbus. EADS EFW will serve as ST Aerospace's European maintenance, repair and overhaul centre, leveraging the aerospace sector's global network, track record and expertise in aircraft MRO and engineering. At the same time, EADS EFW will benefit from EADS' extensive experience in aircraft technologies and engineering development.
The investment will not have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.