Singapore, Singapore Technologies Engineering Ltd (ST Engineering) today announced, Vision Technologies Aerospace Incorporated (VT Aerospace) made a successful bid for the Tampa aerospace maintenance facility and certain assets of Pemco World Air Services Inc. (PEMCO).

The bid includes the Boeing 737 freighter conversion Supplemental Type Certificates, for a purchase consideration of US$49.7m (approximately S$64m) at a bankruptcy auction. VT Aerospace will also assume selected liabilities estimated at US$6.2m (approximately S$8m).

The acquisition is contingent upon the approval of the sale by the United States Bankruptcy Court in the District of Delaware on 12 June 2012. Subject to regulatory approvals and customary conditions precedent, the acquisition is anticipated to close in July 2012. VT Aerospace holds the aerospace companies of Vision Technologies Systems, Inc. (VT Systems), the US headquarters of ST Engineering.

According to ST Engineering, the Americas region continues to be a significant market for commercial aviation. With the Tampa International Airport serving as a gateway to Latin America, this acquisition is in line with ST Engineering’s focus to build on its presence in the Americas, to support the growing demand for maintenance and engineering solutions.

The acquired facility will be held under a newly incorporated entity, wholly-owned by VT Aerospace.
Occupying approximately 320,000 sq ft of hangar and office space at the Tampa International Airport in Florida, the facility is capable of providing maintenance, modification and engineering services for a wide range of wide-body and narrow-body aircraft, with overall annual capacity for about 1.4 million man-hours. It is expected to start operations immediately after closing.

It will be VT Aerospace’s third aircraft maintenance facility in the United States, providing complementary strengths in aviation maintenance and engineering. VT Aerospace currently operates two facilities, namely STA Mobile in Mobile, Alabama and STA San Antonio in San Antonio, Texas, with a total staff strength of about 2,700.