Jun. 21. 2011
Marubeni Corporation and Marubeni ASEAN Pte.Ltd.(collectively “Marubeni”) and ST Aerospace have concluded joint venture (JV) discussions to form an engine leasing company in Singapore. The new JV company, Total Engine Asset Management Pte. Ltd. (TEAM), will be equally owned (50:50) by Marubeni and ST Aerospace.
TEAM plans to invest approximately US$100million within the first two years and aims to further expand its investment in the future.
The aviation industry is expected to show steady growth in the long term, due to increasing demand in emerging countries, accelerating borderless economic activities, and world-wide deregulation. Consequently, engine leasing needs are also expected to grow in the future.
Marubeni is a general trading company involved in world-wide business activities in a wide-range of fields. In the aviation sector, Marubeni has extensive experience in providing sales agency services for commercial aircraft, business jets and engines, investing in engine development programs, aircraft leasing, and various other services including aircraft components, airport ground handling services, and so on. By entering into the engine lease business, Marubeni strengthens its comprehensive range of services to airlines around the world, and furthers its contribution to the aviation industry.
|Name of the Company:||Total Engine Asset Management Pte. Ltd.|
|Location:||Republic of Singapore|
|Shareholders:||Marubeni Group 50%, ST Aerospace Group 50%|
|Business:||Investment and management of engine assets|
ST Aerospace Outline
|Name of the Company:||Singapore Technologies Aerospace Ltd|
|Head Office:||Republic of Singapore|
|Business:||Aircraft Maintenance and Modification, Component and Engine Total Support|
|Number of employees:||About 8,000 (June 2011)|