Tham is President, New Enterprises and Ventures of ST Engineering
Singapore Technologies Engineering Ltd (ST Engineering) announced the appointment of Russell Tham as President, New Enterprises and Ventures, effective March 19, 2018. In this newly created position, Russell will drive the expansion of the Group’s business by building new adjacencies for growth through technology and innovation in verticals outside of the Group’s core businesses in the Aerospace, Electronics, Land Systems and Marine sectors. He will report to the President & CEO.
ST Engineering Invests In Cyber Security
Singapore Technologies Engineering Ltd (ST Engineering) announced that its Corporate Venture Capital unit, ST Engineering Ventures Pte Ltd (ST Engineering Ventures) has made a Series B investment of $5.79m for a minority interest in Janus Technologies, Inc., an endpoint cyber security provider based in California. “This is the first investment by our Corporate Venture Capital unit in companies with cutting edge technologies or breakthrough innovations,” said Vincent Chong, President & CEO of ST Engineering.
ST Engineering Injects $66m into VT Systems
Singapore Technologies Engineering Ltd (ST Engineering) today announced that it has injected US$66m (approximately S$89m) into the capital of its US Headquarters, Vision Technologies Systems, Inc. (VT Systems), for the repayment of bank loans. This brings ST Engineering’s total investment in VT Systems to US$343.96m (approximately S$464m). Following the capital injection above, VT Systems has capitalised its outstanding loan balance of US$35.28m (approximately S$47m) and US$33.08m (approximately S$44m) in its subsidiaries, Vision Technologies Kinetics, Inc.
ST Engineering Y-O-Y Profits Slip
Singapore Technologies Engineering Ltd reported today its full year financial results ended 31 December 2014 (FY2014) with a Group revenue of $6.54b compared to $6.63b as reported for FY2013. Profit before tax (PBT) of $650.7m was $79m or 11% lower year-on-year compared to $729.7m, and Net Profit of $532.0m was $48.8m or 8% lower year-on-year compared to $580.8m. At the business sector level, revenue for the Aerospace sector was comparable at $2.06b, and PBT was down 11% to $283m from $319.4m reported for FY2013.
General Dynamics Wins MK46 Systems Contract
The Naval Sea Systems Command (NAVSEA) awarded General Dynamics Land Systems a $26.2 million contract for the production of MK46 Modification (Mod) 2 Gun Weapon Systems (GWS) for use on Littoral Combat Ships (LCS), and Zumwalt-class (DDG-1000) ships. General Dynamics Land Systems is a business unit of General Dynamics (NYSE: GD). The MK46 30mm Naval Weapon System is an all-weather, day/night, fully stabilized weapon system. Its lightweight, modular and compact size makes it an ideal candidate for numerous anti-surface and anti-air defense applications.
Dan Johnson is Info Systems-Tech Gr. EVP at General Dynamics
The board of directors of General Dynamics has elected S. Daniel Johnson to be executive vice president, Information Systems and Technology, effective January 1, 2015, to succeed David K. Heebner, who has informed the company of his intention to retire on December 31, 2014. Johnson will also continue in his role as president of General Dynamics Information Technology, a business unit of General Dynamics. In announcing the board's action, Phebe N. Novakovic, chairman and chief executive officer…
ST Engineering Injects Capital in Brazilian Arm
Singapore Technologies Engineering Ltd (ST Engineering) today announced that further to its announcement on 11 July 2014 on the setting up of ST Electronics do Brasil Serviços e Soluções em Sistemas Eletronicôs Ltda (ST Electronics Brazil) in Brazil, it has completed the capital injection of US$2m (about S$2.49m) into its Brazilian subsidiary. ST Electronics Brazil was set up with two shareholders in compliance with Brazilian laws - Singapore Technologies Electronics Limited (ST Electronics) holds 99% stake, while its wholly owned subsidiary, ST Electronics (Satcom & Sensor Systems) Pte.
ST Engineering Injects Capital into Leeboy India
Singapore Technologies Engineering Ltd (ST Engineering) announced today that its land systems arm, Singapore Technologies Kinetics Ltd has injected S$4.2m (equivalent to INR200m) into its wholly owned subsidiary, SDG Kinetics Pte Ltd (SDGK), for flowthrough capital injection into LeeBoy India Construction Equipment Private Limited (LeeBoy India) to provide working capital for LeeBoy India’s operations in India. At the same time, SDGK has purchased shares worth INR9.4m (approximately S$0.2m), approximately 1.2% of LeeBoy India’s total share capital, from LeeBoy India’s management staff.
Morris Takes the Helm at SAFE Boats
SAFE Boats International (SAFE) said that Dennis Morris has joined the organization as President and CEO. Morris brings with him an extensive background in Business Development and International marketing within the defense industry and experience leading large and small businesses. Before joining SAFE Boats International, Morris held the position of President and CEO of Allen-Vanguard Corporation, the leader in providing solutions for defeating terrorist and extremist threats.
Rolls-Royce to Power USN Hovercrafts
Rolls-Royce wins contract to power the U.S. Navy’s future fleet of hovercrafts, known as the Ship-to-Shore Connector (SSC). The Group will work with Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron Inc. company, which has been selected to build the initial development craft, in a program that could extend to 73 craft. The SSC will replace the Navy’s current fleet of Landing Craft Air Cushion (LCAC) hovercraft over the next 20 years. The new hovercraft will be used to rapidly deploy personnel and vehicles between U.S. Navy ships and the shore.
Unmanned Surface Vessel – Second by Textron Systems
Textron Systems Advanced Systems, an operating unit of Textron Systems, a Textron Inc. company, announce that its second Fleet-class Common Unmanned Surface Vessel (CUSV) completed a successful in-water demonstration in New Orleans following vessel modifications at the Textron Marine & Land Systems (TM&LS) shipyard. The two Textron Systems operating units recently collaborated on vessel performance enhancements and are preparing to participate in additional capabilities demonstrations for the United States Navy. The team also is pursuing vessel contracts with the U.S.
Companies Team on Ship-to-Shore Connector
Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron Inc. (NYSE: TXT) company, has teamed with L-3 Communications (NYSE: LLL) to pursue the Navy’s next generation landing-craft, the Ship-to-Shore Connector (SSC), and to further develop the Navy’s contract design using its proven detailed design-to-prototype build practices. The SSC program, estimated by the Navy to have a value of $4b, provides for the construction of up to 80 hovercraft to replace the aging Landing Craft Air Cushion (LCAC) fleet.