ST Engineering’s Land Systems Sector Completes Acquisition of Aethon, Inc.
Singapore Technologies Engineering Ltd (ST Engineering) announced today that following its announcement on 17 July 2017, Vision Technologies Land Systems, Inc. (VTLS) has completed the acquisition of 100% interest in Aethon, Inc. (Aethon). The acquisition was completed following the fulfilment of closing conditions.
Based in Pittsburgh, Pennsylvania, Aethon is best known for its TUG® smart autonomous mobile robot which helps automate intra-logistics in industrial, healthcare, hospitality and other commercial environment. The acquisition of Aethon, a leading provider of autonomous mobile robots for material transportation and delivery, is in line with ST Engineering’s focus to strengthen the Group’s robotics business. Aethon is now part of the Group’s Land Systems sector.
The acquisition is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
VT Systems (Vision Technologies Systems, Inc) is an engineering company providing integrated solution to the commercial and government markets in the aerospace, electronics, land systems and marine sectors. VT Systems’ innovative solutions, products and services include aircraft maintenance, repair and modification; software solutions in training and simulation; satellite-based IP communications technology; network solutions that integrate date, voice and video; rugged computers and computer peripheral equipment; specialized truck bodies and trailers; weapons and munitions system; road construction equipment; and ship design and shipbuilding. Headquartered in Alexandria, Va., VT Systems operates globally and is wholly owned subsidiary of ST Engineering. Please visit www.vt-systems.com for more information.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, the Group reported revenue of $6.68b in FY2016 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index.
