This will support the expansion of its engine leasing business.
The aerospace arm of Singapore Technologies Engineering Ltd (ST Engineering) inject $1.96m into its 50%-jointly controlled company, Total Engine Asset Management Pte. Ltd. (TEAM).
According to a press release, this injection will support the expansion of ST Aerospace’s engine leasing business, bringing its total investments to $21.96m.
TEAM is a joint venture established in 2011 between ST Aerospace and Marubeni Corporation. TEAM provides engine leasing services for CFM56-3, CFM56-5B, CFM56-7B engines that power narrowbody aircraft such as the Airbus A320 and Boeing 737NG, as well as the IAE V2500 engine which powers the Airbus A320 family.
For widebody aircraft, TEAM provides engine leasing services for the GE90-115B engine that powers the Boeing 777-300ER.
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