ST Engineering
Global technology, defence and engineering company From Wikipedia, the free encyclopedia
ST Engineering, is a global technology, defence and engineering group with a diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, the group reported a revenue of over S$11 billion in 2024 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of MSCI Singapore, FTSE Straits Times Index and Dow Jones Best-in-Class Asia Pacific Index.[1]
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| ST Engineering | |
| Company type | Public |
| SGX: S63 | |
| Industry | Technology, Engineering, Defence, Aerospace, Smart City, Public Security, Satellite Communications, Digital Solutions |
| Founded | 1967 |
| Headquarters | Singapore |
Key people | Vincent Chong, Group President & CEO |
| Products | Aerostructures and Systems Smart Rail and Road Mobility Solutions Smart Utilities and Infrastructure Satellite Communications C5ISR Land Defence Systems Training and Simulation Critical Infrastructure and Surveillance Systems Maritime Systems AI solutions Cybersecurity |
| Services | Aerospace MRO Aircraft and Engine Leasing Freighter Conversions Military Aircraft MRO Shipbuilding Ship Repair and Conversion Cloud Managed Services Cybersecurity services |
| Revenue | S$11.28 billion (FY2024) |
| S$1.08 billion (FY2024) | |
| S$702 million (FY2024) | |
Number of employees | 27,000 (2024) |
| Website | www |
The Group harnesses technology and innovation to solve real-world problems, enabling a more secure and sustainable world. It leverages synergies across the group and strategic partnerships externally to accelerate innovation, its strategic AI pillars, and its core technological and engineering capabilities.[2]
ST Engineering has more than 27,000 employees with diverse background and skills, including over 19,000 engineering and technical talents.[3]
History
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ST Engineering's history began with its precursor, the Chartered Industries of Singapore, which was established in 1967 by the newly independent Singaporean government as an ammunition manufacturer.
Businesses related to aerospace and shipbuilding were later created and put under the ST umbrella. The ST group of companies went commercial in 1990, setting up its first commercial airframe manufacturing, repair and overhaul facilities in Singapore and the United States. ST Engineering was created in December 1997 as a merger of four listed companies: ST Aerospace, ST Electronics, ST Automative and ST Marine. Its shares debuted on the Singapore Exchange on 8 December 1997.[4][5]
Since then, ST Engineering has grown to become one of Asia's largest defence and engineering groups for commercial and defence organisations across multiple industries.[6] In Mar 2007, ST Engineering was ranked 19th in the aerospace & defence industry and 1,661th of 2,000 of the world's largest public companies by Forbes.[7]
In 2018, the Group harmonised all brands by using "ST Engineering" as a Masterbrand[8] while in 2020, the Group reorganised as Commercial and Defence & Public Security clusters,[9] replacing the sector-structure of Aerospace, Electronics, Land Systems and Marine.
Areas of business
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ST Engineering has a diverse portfolio of businesses and a global network of subsidiaries and associated companies across Asia, Europe, the Middle East and the U.S.[10]
Its Commercial Aerospace arm is the world’s largest third-party airframe MRO solution provider and a Premier MRO for CFM LEAP engines.[11] The businesses support aircraft operations and OEM partners with aviation lifecycle solutions or holistic offerings for practically every stage of an aircraft's lifecycle.[12]
In 2024, its Urban Solutions business was awarded a S$60m contract to design, build and operate a state-of-the-art smart city platform with citywide network connectivity for Lusail City, Qatar. Powered by AI, machine learning and data analytics, ST Engineering Urban Solution’s Agil Smart City Operating System will serve as the digital backbone of Lusail.[13]
ST Engineering is a major player in the defence and military industries. It was ranked Number 58 in the Stockholm International Peace Research Institute's list of the world's top 100 defence manufacturers in 2023. [14] Outside of Singapore, it has sold defence products to over 100 countries,[15] including United States, United Kingdom, Indonesia, Philippines, United Arab Emirates, Brazil, Sweden, India, Thailand and Finland.[16] ST Engineering do not design, produce or sell anti-personnel mines, cluster munitions, white phosphorus munitions and its related key components.[17]
On December 12, 2024, ST Engineering signed a strategic agreement with Kazakhstan Paramount Engineering to set up in-country production capability for a new 8x8 armored vehicle.[18]
ST Engineering expanded to the United States in 2001, locating its U.S. headquarters in Herndon, Virginia. It now operates in 52 cities across 21 states.[19] It was known as VT Systems (VTS; formerly known as Vision Technologies Systems) until 1 July 2019, when VTS was changed to ST Engineering North America as part of the Group’s brand harmonization exercise in 2018.[20]
Core capabilities
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ST Engineering's businesses span across the aerospace, smart city, defence and public security sectors.
Aerospace
ST Engineering's Aerospace arm provides aviation asset management [21] to commercial airlines, airfreight operators [22] and military operators.[23] It is the world's largest airframe maintenance, repair, and operations (MRO) company, and one of the few with in-house engineering design and development capabilities.[24] On top of MRO capabilities,[25] ST Engineering also has expertise as an OEM specialising in engine nacelle [26] and composite panels. It is the only company in the world offering Airbus freighter conversions [27] using OEM data.
ST Engineering is a major investor in Skyports to provide drone services for Singapore’s Public Utilities Board.[28]
Smart City
ST Engineering's capabilities for Smart City addresses the connectivity,[29] mobility,[30] security,[31] infrastructure [32] and environmental [33] needs of cities. Its products span over rail and road, autonomous and electric vehicles, mobility payment systems, building access and security systems, as well as IoT products for lighting, water and energy management.[34]
In March 2022, ST Engineering completed its acquisition of Transcore to enhance its Smart City products through TransCore’s tolling and congestion pricing businesses.[35]
Defence & Public Security
ST Engineering's defence business provides integrated defence technologies and critical systems spanning the digital,[36] air,[37] land [38] and sea [39] domains. It has over four decades of activity in the development of military technology, from aircraft and avionics upgrades, to designing and building battlefield mobility platforms, soldier systems, ammunition and naval vessels.
Its capabilities in Public Security cover critical infrastructure,[40] intelligence operations,[41] homeland security applications [42] and maritime system,[43] which have been implemented in more than 100 cities worldwide.
Corruption for ship-repair contracts
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In 2014, ST Engineering and its subsidiaries ST Engineering Marine and ST Engineering Aerospace were hit by one of the largest corruption scandals in Singapore history following investigations by the Corrupt Practices Investigation Bureau.[44][45][46]
In December 2014, former ST Engineering Marine and ST Engineering Aerospace president, Chang Cheow Teck, was charged with conspiring with two subordinates to offer bribes in return for ship-repair contracts between 2004 and 2010.[47] The corruption charges were eventually withdrawn and in January 2017, Chang pleaded guilty to "failing to use reasonable diligence in performing his duties" and was given a short detention order of 14 days.[44] Former ST Marine CEO and president See Leong Teck was also charged with seven counts of corruption.[47] In December 2016, See was sentenced to 10 months' jail and a $100,000 fine.[45]
Since then, six other former ST Engineering Marine senior executives were implicated in the corruption scandal, including former financial controller and senior vice-president of finance Ong Tek Liam who pleaded guilty to ten out of 118 charges in relating to the falsification of accounts,[48] former senior vice-president Mok Kim Whang who pleaded guilty to 49 out of 826 corruption charges,[46] ex-chief operating officer Han Yew Kwang who pleaded guilty to 50 out of 407 charges and was sentenced to six months' jail and fined $80,000,[49] former president of commercial business Tan Mong Seng who faced 445 corruption charges[50] and was sentenced to 16 weeks' jail,[46][51] and ex-financial controller Patrick Lee Swee Ching who pled guilty to seven of 38 charges of conspiring with others between 2004 and 2007 to make false entries in petty cash vouchers, and was given the maximum fine of $210,000.[52]
In June 2017, Ong Teck Liam was sentenced to a fine of SGD300,000 ($217,200), in default 30 weeks’ imprisonment. Ong was the last to be sentenced. [53][54]
References
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