ST Engineering drops plan to buy PEMCO

Certain closing conditions could not be fulfilled by the seller.

Singapore Technologies Engineering Ltd announced that Vision Technologies Aerospace Incorporated and Pemco World Air Services Inc. have agreed to terminate their asset purchase agreement whereby VT Aerospace intended to acquire PEMCO's Tampa aerospace facility and certain other assets.

“The decision to terminate the agreement was made after certain closing conditions could not be fulfilled by the seller prior to the closing deadline,” said ST Engineering.

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