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Tuesday, November 17, 2020-9:13 PM
MAINBOARD-LISTED ST Engineering will be reorganized from the new year into two major clusters: commercial and defense and public security replacing aerospace, electronics, land systems and marine sector structures.
The structural change was announced in a regulatory file on Tuesday, and ST Engineering said it would put the group in the next phase of growth and push it forward as a global technology, defense and engineering powerhouse.
The commercial cluster will drive the group’s international growth in commercial aerospace, urban solutions and satellite communications. This cluster combines the group’s smart city technologies and functions into one unified unit, currently in four divisions.
The commercial aerospace team will continue to drive the long-term growth of the aerospace business in the areas of aviation structure and systems, maintenance, repair and overhaul (MRO), and aviation asset management. The city solutions and satellite communications team will drive the group’s smart city business growth, ST Engineering said.
Defense and public clusters integrate digital systems and functions of cyber, land systems, marine and defense aerospace. The cluster will focus on meeting the changing needs of our customers in the defense and public security and critical infrastructure sectors. It will also continue to pursue growth in international defense, public safety and security businesses.
Vincent Chong, CEO of ST Engineering, said: “The environment today is where technological advancements and changing customer demands drive disruptive business models and rapidly transform the competitive landscape. Now we are a sharper and more agile organization. It’s time to create a new world that will be highly tuned and responsive to the needs of our customers.”
Changes in the organization are reflected in the financial results from the first half of the year to June 2021, and financial reporting is based on the new operating segment.
However, this fiscal year will not have a significant impact on ST Engineering’s consolidated net tangible assets per share and earnings per share, the company said.
The counter hit S$3.80, up 2 cents on Tuesday before this announcement.
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