ST Engineering set to complete MRA Systems buy after getting US approvals

U.S. one-dollar and five-dollar currency notes; taken September 2018.

ST Engineering said on Sunday it expected its acquisition of MRA Systems to be completed in the coming week after receiving clearance from the Committee on Foreign Investment in the U.S. (CFIUS).

“With this clearance from CFUIS, ST Engineering has obtained all applicable regulatory approvals to consummate the proposed acquisition,” ST Engineering said in a filing to SGX on Sunday.

It added that the deal was expected to close in the week beginning 15 April.

In September, ST Engineering announced that its wholly owned U.S. subsidiary, Vision Technologies Aerospace, entered a deal to acquire all of MRA Systems from General Electric for US$630 million, or what was then around S$868 million.

Baltimore, Maryland-based MRA Systems, or MRAS, which has around 800 employees, is an original equipment manufacturer (OEM) of engine nacelle systems for both narrow-body and wide-body aircraft. An engine nacelle is the casing that houses an aircraft engine, which provides aerodynamics during flight and thrust reversal capabilities.

 

 

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