Monday, August 6, 2012

ST Engineering terminates Pemco Acquisition

Neelam Mathews
Aug 6, 2012

Singapore Technologies Engineering Ltd (ST Engineering) announced today that further to its announcement on 18 June, Vision Technologies Aerospace Incorporated (VT Aerospace) and Pemco World Air Services Inc. (PEMCO) have agreed to terminate their asset purchase agreement whereby VT Aerospace intended to acquire PEMCO's Tampa aerospace facility and certain other assets.  

The decision to terminate the agreement was made after certain closing conditions could not be fulfilled by the seller prior to the closing deadline. 

VT Aerospace (Vision Technologies Aerospace Incorporated) is the aerospace operations of VT Systems (Vision Technologies Systems, Inc.).  A leading aerospace maintenance and engineering division specialising in aircraft engineering design, maintenance and modification, it owns four aerospace operating companies in Mobile, Alabama; San Antonio, Texas and Hartford, Connecticut.  It is one of the largest private employers in Mobile, and the largest private independent MRO employer in San Antonio.

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