facebook
twitter
search
search

ST Kinetics expanding in LatAm

July 22, 2013 at 1:51 PM

SINGAPORE, July 22 (UPI) -- Singapore Technologies Kinetics Ltd. is expanding its presence in Latin America.

The company announced Monday it has purchased a 90 percent equity interest in Brazil's Technicae Projetos e Servicos Automotivos Ltda., a provider of automotive maintenance, repair and overhaul services to military customers.

Terms of the transaction included a purchase amount of about $465,000 and an additional capital call of about $1.77 million in proportion to its shareholding in Technicae.

"The consideration was arrived at on a willing-buyer, willing-seller basis, after taking into account Technicae's current projects and growth prospects," said ST Engineering, parent company of ST Kinetics. "Following the acquisition, Technicae becomes a subsidiary of ST Kinetics.

"The acquisition is part of ST Kinetics' strategic plan to establish a presence in Brazil to further its defense business in Brazil, and thereafter grow ST Kinetics' presence in the rest of South America."

The purchase of equity in Technicae Projetos e Servicos Automotivos Ltda, was was conducted through Mobility Systems Pte Ltd, an ST Kinetics subsidiary.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Google apologizes for photo app that tagged black couple as 'gorillas'
Netherlands orders Bushmaster armored vehicles
Mayo won't stick to packaging thanks to new technology
Macy's drops Donald Trump after controversial remarks
Royal Navy ships receiving maintenance services in Bahrain