ST Engineering

ST Engineering became a top 50 global defense company in 2013, according to the Stockholm International Peace Research Institute, or SIPRI, which placed ST 49th in its annual top 100 list based on arms sales of $2.02b. This makes it the third-largest arms company in Asia, excluding China, which SIPRI did not include in its analysis due to a lack of data. ST made overall sales of $5.3b last year. With strengths in armored vehicles, naval ship building, and defense electronics, ST has been the chief beneficiary of Singapore's high levels of defense spending, which rose to around $9.5b this year, but has struggled to secure export contracts.