ST Engineering

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Singapore Technologies Engineering Ltd
FormerlyChartered Industries of Singapore
Company type Public
SGX: S63
Industry Engineering, Defence, ICT, Datacenters and System Integration
Founded27 January 1967;57 years ago (1967-01-27)
Headquarters Singapore
Key people
Vincent Chong [1]
(President & CEO) [2]
ProductsCommercial and Military Aircraft MRO
Aviation asset management
Aerostructure OEM
Digital Systems and Cybersecurity
Urban Solutions
Smart City
Satellite Communication
Public Security
Infocomm Technologies
Naval and Commercial Shipbuilding
Defence
Land Systems
RevenueIncrease2.svg S$7.69 billion (2021) [3]
Increase2.svg S$646 million (2021) [3]
Increase2.svg S$571 million (2021) [3]
Total assets Increase2.svg S$10.52 billion (2021) [3]
Total equity Increase2.svg S$2.41 billion (2021) [3]
Owner Temasek Holdings (51.69%)
Number of employees
23,000 (2016)
Website www.stengg.com

Singapore Technologies Engineering Ltd, doing business as ST Engineering, is a Singaporean multinational technology and engineering group in the aerospace, smart city as well as defence and public security sectors. Headquartered in Singapore, the group reported a revenue of S$7.7 billion in FY2021, [4] ranks among the largest companies listed on the Singapore Exchange, and is one of Asia's largest defence and engineering groups. It is a component stock of FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index. [5] ST Engineering has about 23,000 employees worldwide with two-thirds of its employees in the engineering and technology roles. [6]

Contents

History

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. [7] [8]

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. [9] 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. [10]

Areas of business

ST Engineering is a major player in the defence and military industries. It was ranked Number 61 in the Stockholm International Peace Research Institute's list of the world's top 100 defence manufacturers in 2021. [11] Outside of Singapore, it has sold defence products to over 100 countries, [12] including United States, United Kingdom, Indonesia, Philippines, United Arab Emirates, Brazil, Sweden, India, Thailand and Finland. [13] ST Engineering do not design, produce or sell anti-personnel mines, cluster munitions, white phosphorus munitions and its related key components. [14]

In 2018, the Group harmonised all brands by using "ST Engineering" as a Masterbrand [15] while in 2020, the Group reorganised as Commercial and Defence & Public Security clusters, [16] replacing the sector-structure of Aerospace, Electronics, Land Systems and Marine. ST Engineering's network of subsidiaries and associated companies spans across the Americas, Asia, Europe and the Middle East. [17]

ST Engineering expanded to the United States in 2001, locating its U.S. headquarters in Herndon, Virginia. It operates in 50 cities across 23 states. 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. [18]

As of 28 February 2022, Temasek Holdings has a 51.69% shares in ST Engineering. [19]

Core capabilities

ST Engineering's businesses span across the aerospace, smart city, defence and public security sectors.

Aerospace

ST Engineering Aerospace provides aviation asset management [20] to commercial airlines, airfreight operators [21] and military operators. [22] 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. [23] On top of MRO capabilities, [24] ST Engineering also has expertise as an OEM specialising in engine nacelle [25] and composite panels. It is the only company in the world offering Airbus freighter conversions [26] using OEM data.

ST Engineering is a major investor in Skyports to provide drone services for Singapore’s Public Utilities Board. [27]

Smart City

ST Engineering's technologies in Smart City addresses the connectivity, [28] mobility, [29] security, [30] infrastructure [31] and environmental [32] 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. [33]

In March 2022, ST Engineering completed its acquisition of Transcore to enhance its Smart City products through TransCore’s tolling and congestion pricing businesses. [34]

Defence & Public Security

ST Engineering's defence business provides integrated defence technologies and critical systems spanning the digital, [35] air, [36] land [37] and sea [38] domains. It has over four decades of activity in the development of military technology, from aircraft and avionics Avionics upgrades, to designing and building battlefield mobility platforms, soldier systems, ammunition and naval vessels.

Its activities in Public Security cover critical infrastructure, [39] intelligence operations, [40] homeland security applications [41] and maritime system, [42] which have been implemented in more than 100 cities worldwide.

Controversy

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. [43] [44] [45]

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. [46] 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. [43] Former ST Marine CEO and president See Leong Teck was also charged with seven counts of corruption. [46] In December 2016, See was sentenced to 10 months' jail and a $100,000 fine. [44]

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, [47] former senior vice-president Mok Kim Whang who pleaded guilty to 49 out of 826 corruption charges, [45] 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, [48] former president of commercial business Tan Mong Seng who faced 445 corruption charges [49] and was sentenced to 16 weeks' jail, [45] [50] 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. [51]

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. [52] [53]

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References

  1. ↑ "Vincent Chong, Singapore Tech Engineering LTD: Profile and Biography". Bloomberg News .
  2. ↑ "ST ENGINEERING CEO TAN PHENG HOCK STEPS DOWN". Archived from the original on 19 September 2016. Retrieved 15 September 2016.
  3. 1 2 3 4 5 "ST Engineering FY2021 Results Announcement". Singapore Exchange. 25 February 2022.
  4. ↑ ()
  5. ↑ ()
  6. ↑ "Investor Factsheet" (PDF).
  7. ↑ Boey, Dylan. From bullet maker to defence tech giant. AsiaOne. 30 December 2007.
  8. ↑ Lee Xin En. Tanks for the memories: ST Engineering turns 50. The Straits Times. 27 January 2017.
  9. ↑ Nikkei Asian Review: Singapore Technologies Engineering Ltd.. The Nikkei.
  10. ↑ "The World's 2,000 Largest Public Companies". Forbes . 2007. Retrieved 10 January 2008.
  11. ↑ Marksteiner, Alexandra; Béraud-Sudreau, Lucie; Tian, Nan; Silva, Diego Lopes da; Kuimova, Alexandra (December 2021). "The SIPRI Top 100 Arms-producing and Military Services Companies, 2020". sipri .
  12. ↑ "ST Engineering: Global Presence". Archived from the original on 28 December 2016.
  13. ↑ Jaipragas, Bhavan. Singapore gains toehold in world arms industry. Yahoo! News. 19 March 2012.
  14. ↑ "ST Engineering Sustainability Report".
  15. ↑ "News - ST Engineering Adopts Masterbrand for its Subsidiaries to Drive Growth in Key Global Markets". www.stengg.com.
  16. ↑ "News - ST Engineering Reorganises for Global Growth and Success | ST Engineering". www.stengg.com.
  17. ↑ "About Us | ST Engineering". www.stengg.com.
  18. ↑ "News - VT Systems Changes Name to ST Engineering North America and Adopts the Group Corporate brand | ST Engineering". www.stengg.com.
  19. ↑ "Investor Relations FAQ | ST Engineering". www.stengg.com.
  20. ↑ "Aviation Asset Management - Aerospace | ST Engineering". www.stengg.com.
  21. ↑ "Aerostructures & Systems | ST Engineering". www.stengg.com.
  22. ↑ Corporate profile (ST Engineering). Singapore Press Holdings.
  23. ↑ Tegtmeier, Lee Ann. "Aviation Week Ranks Biggest MRO", 26 June 2013
  24. ↑ "Aerospace MRO - Aerospace | ST Engineering". www.stengg.com.
  25. ↑ "Nacelles Aerospace| ST Engineering". www.stengg.com.
  26. ↑ "Freighter Conversions - Aerospace| ST Engineering". www.stengg.com.
  27. ↑ "Singapore Trio Trials Shore-To-Ship Drones". Aviation Week & Space Technology.
  28. ↑ "Satellite Solutions - Smart City | ST Engineering". www.stengg.com.
  29. ↑ "Smart Mobility - Smart City | ST Engineering". www.stengg.com.
  30. ↑ "Smart Security and Automation - Smart City | ST Engineering". www.stengg.com.
  31. ↑ "Smart Utilities and Infrastructure - Smart City | ST Engineering". www.stengg.com.
  32. ↑ "Urban Environment Solutions - Smart City | ST Engineering". www.stengg.com.
  33. ↑ "Driving the Next Bound of Growth" (PDF).
  34. ↑ "News - ST Engineering Completes Acquisition of TransCore | ST Engineering". www.stengg.com.
  35. ↑ "Digital Tech | ST Engineering". www.stengg.com.
  36. ↑ "Air - Defence | ST Engineering". www.stengg.com.
  37. ↑ "Land - Defence | ST Engineering". www.stengg.com.
  38. ↑ "Sea - Defence | ST Engineering". www.stengg.com.
  39. ↑ "Critical Infrastructure - Public Security | ST Engineering". www.stengg.com.
  40. ↑ "Smart Facilities Singapore | ST Engineering". www.stengg.com.
  41. ↑ "Homeland Security - Public Security | ST Engineering". www.stengg.com.
  42. ↑ "ST Engineering | Marine". www.stengg.com.
  43. 1 2 Ng Huiwen. Former ST Marine president given short detention order, corruption charges withdrawn. The Straits Times. 5 January 2017.
  44. 1 2 Hussain, Amir. Graft scandal: Ex-ST Marine CEO jailed 10 months, fined. The Straits Times. 3 December 2016.
  45. 1 2 3 Leong, Grace. Two ex-ST Marine execs plead guilty to bribery, making false expense claims. The Straits Times. 27 August 2016.
  46. 1 2 Huang, Claire. Former president of ST Marine charged, along with two ex-employees. The Business Times. 12 December 2014.
  47. ↑ Chelvan, Venessa Paige. Former ST Marine financial controller pleads guilty in corruption case. Channel NewsAsia. 19 February 2016.
  48. ↑ Hussain, Amir. Former ST Marine exec in graft scandal gets 6 months' jail, $80k fine. The Straits Times. 31 August 2016.
  49. ↑ Malinda, Kyle. Two more former ST Marine senior executives charged for corruption. Channel NewsAsia. 1 July 2015.
  50. ↑ Chong, Elena. ST Marine graft case: Ex-exec sentenced to 16 weeks' jail. The Straits Times. 7 April 2017.
  51. ↑ Chong, Elena. Ex-ST Marine exec fined $210k in graft case. The Straits Times. 2 July 2015.
  52. ↑ "Last of seven former ST Marine executive involved in corruption is sentenced". Seatrade Maritime. 6 June 2017. Retrieved 25 May 2022.
  53. ↑ "SINGAPORE TECHNOLOGIES ENGINEERING LTD : 05-Jun-2017". links.sgx.com. Retrieved 25 May 2022.
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