Singapore Firm Shuts Down Operations in Stavanger

The Singapore-owned ST Technologies has decided to end its operations in the Norwegian city of Stavanger. The move follows plans by one of its major customers, SAS Technical Services, to close its production base near Stavanger. The closure of ST Aerospace’s plant will affect 98 staff based in Stavanger.
     The aircraft maintenance and engineering services provider will transfer the work load to its other three locations in Northern Europe. These are located in the three Scandinavian capital cities of Stockholm in Sweden, Oslo in Norway, and Copenhagen in Denmark.
     ST Aerospace is the aerospace arm of ST Engineering. According to Channel News Asia, it says the closure is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering this financial year.

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