Sunday , December 5 2021

ST Engineering Trade, Defense and Public Security Cluster for Business and Market Reorganization


Tuesday, November 17, 2020 – 9:13 p.m.

The MAINBOARD-LISTED ST Engineering will be reorganized into two main sets from the new year: Trade and Defense and Public Security, representing aeronautics, electronics, terrestrial systems and the marine sector structure.

In a regulatory filing filed on Tuesday for a change to the structure, ST Engineering said it will position the team for the next phase of growth, pushing technology, defense and engineering to become a global powerhouse.

The trade cluster will drive the group’s international growth in aerospace trade, urban solutions and satellite communications. This cluster combines the group’s smart city technologies and capabilities into a comprehensive unit that currently resides in four sectors.

The aerospace trading team will continue to drive long-term growth in aerospace business in aerostructures and systems, maintenance, repair and overhaul (MRO) and active aviation management. ST Engineering said urban solutions and satellite communications teams will drive the group’s smart city business.

The Public Defense and Cluster will integrate capabilities in digital and cyber systems, terrestrial systems, marine and aerospace defense. This cluster will focus on defense and public safety and critical infrastructure segments to meet the needs of its customers. In addition, business in international defense and public safety and security will continue to grow.

Vincent Chong, CEO of ST Engineering, said: “The environment is that technological advances and changing customer demand are catalyzing disruptive business models and rapidly transforming the competitive landscape. Now is a good time to create a more rigorous and agile organization. it will meet the needs of our customers in the new world. “

The change in the organization will be reflected in the economic results for the first half of June 2021, and the financial statements will be based on new operating segments.

However, it is not expected that it will have any impact on the consolidated net material assets per share and the earnings per share by ST Engineering this year, the company said.

The counter rose two cents on Tuesday to $ 3.80, ahead of this announcement.

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