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Japan Airlines' Financial Situation will have Minimal Impact on ST Engineering's Aerospace Arm
Singapore, 11 January 2010 - ST Engineering today stated that with regards to news surrounding a possible bankruptcy filing by Japan Airlines (JAL), one of ST Aerospace customers, there is no material impact on the financial results of ST Aerospace and the ST Engineering group. The current debt with JAL is less than S$5m.
According to news reports, JAL may likely undergo some form of court-led restructuring similar to a Chapter 11 filing in the US. JAL is seeking government support to keep it flying amidst debts. The state-backed Enterprise Turnaround Initiative Corp., now overseeing JAL's restructuring, will provide an investment of 300b yen (S$4.5b). It is also reported that the Japanese government will issue a statement to countries where JAL has operations to guarantee public support for its national carrier.
"ST Aerospace and JAL have over the years built a close relationship. We wish Japan Airlines the best possible outcome in the days ahead, and will continue to work with the airline as we are confident that JAL will overcome its current difficulties." ~ Tay Kok Khiang, President, ST Aerospace
JAL's relationship with ST Aerospace began in 1991 when it first provided heavy maintenance, Section 41 and pylon modification support for JAL's Boeing 747 Classic. Over the years,
ST Aerospace's support has expanded for JAL's fleet of MD-11, Boeing 747-400, 767 and 777 aircraft. Today, ST Aerospace provides maintenance solutions for JAL beyond airframe checks to include engine component repair and overhaul support.
ST Aerospace (Singapore Technologies Aerospace Ltd) is the aerospace arm of ST Engineering. Operating a global MRO network with facilities in the Americas, Asia Pacific and Europe, it is the world's largest aircraft MRO provider with a global customer base that includes leading airlines, airfreight and military operators. ST Aerospace is an integrated service provider that offers a spectrum of maintenance and engineering services that include airframe, engine and component maintenance, repair and overhaul; engineering design and technical services; and aviation materials and management services, including Total Aviation Support. ST Aerospace has a global staff strength of more than 7,000 engineers and technical specialists. Please visit www.staero.aero.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported audited revenue of $5.34b in FY2008 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 20,000 employees worldwide, and over 100 subsidiaries and associated companies in 24 countries and 42 cities. Please visit www.stengg.com.
Media Contacts:
Sharolyn Choy
SVP, Corporate Communications
ST Engineering
Tel: (65) 6722 1883
Fax: (65) 6720 2293
Email: sharolynchoy@stengg.com
Audrey Tan
Head, Corporate Communications
ST Aerospace
Tel: (65) 6380 6152
Fax: (65) 6280 8213
Email: audreytan@stengg.com
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