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.

Related UPI Stories
Latest Headlines
Trending News
U.S. bomber fleets re-aligned under single command
Report: Marine Corps may expand training in Ukraine
Defense contractors to pay $4.6 million for overcharging
Lockheed Martin introduces Amphibious Combat Vehicle candidate
Reports: Russia to sell Mistral helicopters to Egypt