Mr Nanda Kumar, President of Aerospace Group, Eaton (left) and Mr Ng Chin Hwee, Chief Executive Officer of SIA Engineering Company (right) at the agreement signing event in Seattle, United States of America (Photo from SIAEC)
SIAEC, Eaton form maintenance, repair and overhaul JV in Malaysia
Forty-nine per cent of the JV’s shares will be held by SIAEC.
SIA Engineering Company Limited (SIAEC) and Eaton have agreed to form component maintenance, repair and overhaul (MRO) joint venture (JV) in Malaysia.
SIAEC will hold 49% of the equity stake in the JV, whilst Eaton will hold 51%. The initial issued and paid-up share capital will be US$16m.
“Eaton and SIAEC will each subscribe to the shares in cash and in proportion to their corresponding equity stake,” the parties said.
“The agreement and services to be provided are subject to the receipt of required regulatory approvals,” the parties added.
Amongst things that the JV will do is to inspect, test, repair, maintain, modify and overhaul Eaton-manufactured aircraft components installed on airframe and engine fuel systems and hydraulics systems.
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