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Tue, November 17, 2020 – 21:13
ST Engineering WITH MAIN LISTING will be reorganized into two main groups starting in the new year: Commercial and Defense and Public Safety, which replace the sector structure of aerospace, electronics, land and maritime systems.
The structure change was announced in a regulatory filing on Tuesday, which ST Engineering says will position the group for its next phase of growth and propel it to become a global technology, defense and engineering powerhouse.
The commercial cluster will drive the group’s international growth in commercial aerospace, urban solutions and satellite communications. This cluster combines the group’s smart city technologies and capabilities, which now reside in all four sectors, into one comprehensive unit.
The commercial aerospace team will continue to drive the long-term growth of the aerospace businesses in aerospace structures and systems, maintenance, repair and overhaul (MRO) and aviation asset management. The satellite communications and urban solutions teams will drive the group’s smart city business growth, ST Engineering said.
The Defense and Public cluster will integrate capabilities in digital and cybernetic systems, defense terrestrial, marine and aerospace systems. This cluster will focus on meeting the changing needs of its clients in defense and public security, and in critical infrastructure segments. It will also continue to seek growth in international defense and public safety and security businesses.
Vincent Chong, CEO of ST Engineering, said: “Today’s environment is one in which technological advancements and changing customer demands are catalyzing disruptive business models and rapidly transforming the competitive landscape. Now is the right time for us to believe a sharper and more agile organization that will be very in tune and respond to the needs of our customers in the new world. “
The change of organization will be reflected in its financial results for the first semester until June 2021, and the financial information will be based on the new operating segments.
However, it is not expected to have any material impact on ST Engineering’s consolidated net tangible assets per share and earnings per share for the current financial year, the company said.
The accountant raised two cents to S $ 3.80 on Tuesday, prior to this announcement.
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