STE: Announced that it has entered into an agreement with Pratt & Whitney to invest in a 50.1% stake in EcoServices, for a purchase consideration of US$33.3m, where Pratt & Whitney will retain the remaining 49.9% stake. Under this agreement, EcoServices will provide EcoPower® Engine Wash services to customers around the world.
The investment is not expected to have any material impact on NTA and EPS of STE for FY11, but is in line with the ST Engineering’s plan to develop engine total support capability, to address customer and mkt demands.
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