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.