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JANUARY
ST Kinetics acquired a 25 percent equity stake in Timoney Holdings
Limited of Ireland, a global leader in independent suspension systems
for heavy vehicles. This strategic investment enables ST Kinetics
to build up its wheeled vehicle capability which will complement
its current technology portfolio in vehicle sub-systems.
ST Elect's subsidiary, ST Training & Simulation, delivered
its first high level architecture-compliant simulation system –
the Armour Gunnery & Tactical Simulator – to the Singapore
Armed Forces.
FEBRUARY
ST Marine launched the first of three Platform Supply Vessels (PSVs),
William C Hightower, built for Tidewater Inc.
The ST Elect-Alstom consortium was awarded a S$663 million contract
to supply the Land Transport Authority of Singapore (LTA) with Electrical
and Mechanical Railway Systems for the remaining stages of the Circle
Line linking up to HarbourFront station at the World Trade Centre.
ST Elect's share of the contract value is S$192 million.
ST Engg Group co-organised and participated at Asian Aerospace 2002
(AA2002), one of the world's premier aerospace and defence
exhibitions. Among the wide array of products and capabilities showcased
were: F-16 Falcon ONE upgrade, Integrated System for Airport Resource
& Security, Terrex AV81, 81m Stealth Offshore Patrol Vessel
and FanTail Unmanned Aerial Vehicle.
ST Elect's subsidiary, Singapore Engineering Software, signed
a collaborative agreement with Sensis Corporation to market the
Sensis Multi-Static Dependent Surveillance Systems to aviation authorities
in Asia Pacific and the Middle East.
ST Aero's subsidiary, ST Aerospace Systems (STA Systems), and Dassault
Aviation signed a Memorandum of Understanding appointing STA Systems
as an authorised Dassault Equipements service centre for the maintenance,
repair and overhaul of Falcon 2000/2000EX and Falcon 900/900EX aircraft
components. This makes STA Systems the first Dassault Equipements
repair station in Asia.
MARCH
ST Marine divested its entire shareholding in Atlantis Shipyard
Pte Ltd to SembCorp Marine Ltd for a consideration of S$3.3 million.
APRIL
ST Elect was awarded a S$4.5 million contract by the Taipei Rail
Transit Corporation to provide communications system equipment for
Taipei's Nankang/ Panchiao/Chungho Rapid Transit System.
ST Elect acquired a 30 percent equity stake in Mobile Solutions
and Payment Services Pte Ltd, a provider of mobile payment and mobile
commerce services.
MAY
ST Aero successfully acquired the assets of Dee Howard Aircraft
Maintenance L.P., and renamed the facility, San Antonio Aerospace
(SAA), adding a third facility to ST Aero's operations in the
US.
ST Kinetics acquired a 9.6 percent equity stake in Nesscap Co.,
Ltd of South Korea, one of the six companies in the world producing
commercial ultra-capacitors used in electric and hybrid vehicles,
standby power system and audio products.
JUNE
ST Elect, together with its joint-venture company GFM Electronics
S.A. de C.V., secured an exclusive, four-year contract to supply
multi-channel multipoint distribution system access control down-converters
to MVS Multivision S.A. de C.V., a leading cable television provider
in Mexico. To date, over US$7 million worth of orders have been
awarded. The total contract value is expected to be about US$50
million.
ST Kinetics formed a wholly-owned subsidiary, Kinetics Systems (Shanghai),
to manufacture drive systems (AC motor and controller) for electric
and hybrid vehicles, and external combustion engines in China.
ST Marine showcased its newbuilding and shiprepair capabilities
at Posidonia 2002 – a major exhibition for the shipping industry
– held in Piraeus, Greece.
ST Elect showcased several new products and solutions at CommunicAsia
2002. These included: Mobile Track & Trace – a secure,
seamless and scalable integrated solution for assets, fleet and
total logistics management; Infocomm appliances; facsimile and mobile
phone encryptors; VSAT and microwave communication equipment; and
mobile payment solutions.
ST Engg showcased its lightweight weapon systems, artillery and
automotive platforms, unmanned aerial vehicles and simulation capabilities
at Eurosatory 2002 in Paris, France. The Group also unveiled at
the exhibition its new advertising campaign, "Shaping the Future
of Engineering", which was conceived to underscore ST Engg's
competence as a value-added partner and highlight its approach of
working across borders in different continents and different hemispheres.
ST Elect invested HK$36 million in Sino Stride Technology (Holdings)
Limited whose main operating unit – Zhejiang Sinostride Technology
– is a reputable contender in intelligent building systems
integration in China.
JULY
ST Aero's two new MRO facilities, Bournemouth Aviation Services
Company in the UK and SAA in the US, commenced operations. SAA successfully
clinched maintenance contracts – including contracts from United
Parcel Service to maintain its DC-8s, and from Mesa Airlines for
maintenance of its Embraer regional jets – within its first
month of operations.
CET Technologies, a subsidiary of ST Elect, was awarded a S$13.3
million contract by LTA to implement a new initiative on Intelligent
Transport Systems in Singapore. The initiative,
"i-transport", is part of LTA's long-term plan to
continue delivering more efficient and effective land transport
networks that are integrated, cost effective and sustainable to
meet the country's transportation needs.
ST Marine launched the second of three PSVs, Robert H Boh, built
for Tidewater Inc.
ST Engg, through Vision Technologies Kinetics, made a successful
bid for the assets of Halter Marine Inc., the shipbuilding arm of
US-based Friede Goldman Halter Inc., for a purchase consideration
of US$66 million.
AUGUST
CET Technologies formed a joint-venture company, InfoWave Pte Ltd,
together with Melodeon Inc. and Trek 2000 International Ltd to develop
and market wireless and mobile computing products.
ST Kinetics increased its shareholding in Solectria Corporation
from 44.1 percent to 50.6 percent. Solectria, a US company, is in
the business of designing, engineering and manufacturing of advanced
electric, hybrid and fuel cells vehicle drives systems and related
components.
CET Technologies completed and delivered a large-scale automated
taxi despatch system to Transportation High Tech Inc. of Taipei
for its 2,000-taxi fleet. It was the first such system launched
in Taiwan.
SEPTEMBER
ST Kinetics divested its Opel dealership business to Trans Eurokars
Pte Ltd for a total consideration of close to S$6 million.
TranSys Pte Ltd – a joint venture between ST Elect and SMRT
Engineering Pte Ltd – was awarded a S$22.5 million maintenance
contract by SBS Transit Ltd for its Automatic Fare Collection Systems
for the North-East MRT, and Sengkang and Punggol LRT lines. The
contract is for a duration of five years.
OCTOBER
ST Marine held a plate-cutting ceremony for the RSN's second and
third frigates to kick off the frigate newbuilding programme.
ST Engg announced the restructuring of ST Kinetics to meet the challenges
posed by the radical transformation expected of armed forces in
the future.
VT Systems participated in the annual Association of the United
States Army exhibition held in Washington D.C.
ST Marine participated in the Euronaval 2002 exhibition held in
Le Bourget, Paris. It showcased the Self-Propelled Floating Bridge
System, which was designed and developed in-house, and its range
of stealth and other leading-edge naval products.
ST Marine launched the last of three PSVs, Art Carlson, built for
Tidewater Inc.
ST Engg successfully completed the acquisition of Friede Goldman
Halter Inc.'s shipbuilding facilities through its US subsidiary,
VT Halter Marine. Located at the Mississippi Gulf Coast and Louisiana,
these facilities serve as a strategic gateway for ST Engg's marine
sector to penetrate the newbuilding and shiprepair markets in the
Americas and beyond.
NOVEMBER
ST Marine delivered the first of three PSVs, William C Hightower,
to Tidewater Inc.
VT Halter Marine secured a contract of value exceeding S$18 million
to construct an Offshore Supply Vessel for a US customer. The contract
includes options for six additional vessels which, if exercised,
could bring the total contract value to over S$120 million.
ST Elect took a 22 percent equity stake in RF Korea Inc., a company
incorporated in South Korea that specialises in radio frequency
module design and manufacturing, cellular phone repeater system
and optic transceiver system design. This investment will build
on the complementary capabilities of both companies in the area
of wireless communications to bring more comprehensive product offerings
to international markets.
ST Aero signed an agreement with Asia's first low fare, ticketless
airline, AirAsia, to provide complete rotable component management
and support services for its fleet of Boeing 737-300 aircraft. The
agreement, to be performed over seven years by ST Aero's UK
subsidiary, Airline Rotables Limited, is worth over US$7.5 million.
DECEMBER
ST Elect acquired a 70 percent stake in Ripple Systems, based in
Perth, Western Australia. The company specialises in providing intelligent
transport systems solutions.
ST Elect was awarded a contract of about S$50 million by Kaohsiung
Rapid Transit Corporation to provide Platform Screen Doors System
for the Kaohsiung MRT Red and Orange Lines in the Kaohsiung Metropolitan
Area, Taiwan.
VT Halter Marine finalised an agreement with the US Government to
novate two existing contracts which commenced prior to the acquisition
of Friede Goldman Halter Inc.'s shipbuilding facilities. These
include a project for the National Oceanic and Atmospheric Administration
to construct a Fisheries Research Vessel and the other for the US
Army to construct a Logistic Support Vessel. Both contracts, amounting
to S$121 million, have options for additional vessels to be constructed.
Subsequent to this announcement, the US Army exercised its option
to build a second Logistic Support Vessel valued at approximately
S$43 million and will be delivered in end-2004.
Siamant, ST Kinetics' subsidiary which develops and manufactures
specialty engineering ceramics for military and non-military applications,
has applied to the German Court to commence insolvency proceedings.
The liquidation is in line with ST Kinetics' ongoing plan to
review and rationalise its portfolio of businesses.
ST Marine delivered the second of three PSVs, Robert H Boh, to Tidewater
Inc.
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January
February
March
April
May
June
July
August
September
October
November
December
1
ST Marine showcased its range of innovative ship designs at AA2002.
2
ST Kinetics exhibited its Terrex AV81 at AA2002.
3
ST Elect offers secure mobile payment through Mobile Solutions and
Payment Services Pte Ltd.
4
SAA, ST Aero’s third aviation maintenance facility in the US.
5
BASCO, ST Aero's first aviation maintenance facility in Europe.
6
The frigate newbuilding programme will further sharpen ST Marine's
capabilities.
7
ST Aero provides AirAsia complete B737-300 rotable component management
and support services.
8
VT Halter Marine's ribbon-cutting ceremony. From left: Alan
Bragassam, John Coburn, Congressman Gene Taylor and Anil Raj.
9
System software and in-vehicle units by CET Technologies for Taiwan's
taxi fleet.
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