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December 2016

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SIA Engineering Company Limited (SIAEC) and Pratt & Whitney (P&W) have agreed to integrate the operations of their Singapore-based joint venture companies, Component Aerospace Singapore and International Aerospace Tubes-Asia (IAT-A), with CAS being the entity to hold the businesses and capabilities of IAT-A. CAS, incorporated in February 1994, is a joint venture of P&W (51%) and SIAEC (49%) for the repair and overhaul of combustor and fuel nozzles for PW4000, V2500 and CFM56 engines. IAT-A, incorporated in February 2002 by P&W (67.7%) and SIAEC (33.3%), repairs PW4000, V2500 and CFM56 engines tubes, ducts and manifolds.


The integrated entity, CAS, will be able to generate improved operational efficiencies, economies of scale and synergies from better allocation of resources and streamlining of business processes. In line with the integration, SIAEC has entered into an agreement to sell 2.575% of the shares in CAS to P&W for a total consideration of approximately $2.7 million in cash. Based on CAS’s audited financial statements for the financial year ended 30 November 2015, the net tangible asset value of the CAS sale shares is $1.2 million. The cash consideration for the sale, which was based on the valuation of the integrated entity, was determined on an arm’s length basis and validated by an independent valuer. SIAEC’s shareholding in CAS will be 46.425% after the completion of the sale on 30 November 2016. Subsequent to the transfer of IAT-A’s existing business to CAS, IAT-A will be liquidated.


Trenchard Aviation, a civil aircraft maintenance business focusing on cabin services, has acquired Reheat International, a specialist repairer of onboard galley equipment and cabin interior products. The acquisition is the third since Graphite Capital, a mid-market private equity specialist, financed the management buyout of Aero Technics in November 2015. The acquisition of Reheat marks another step towards Trenchard’s stated goal of building a group of businesses in aircraft servicing with an initial focus on cabin maintenance services. Graphite provided support to Trenchard in completing the acquisition. Reheat, based in Alton, Hampshire, provides a one-stop shop aftermarket solution for an extensive range of aircraft galley equipment and cabin interior products for a wide range of airlines. In addition, it acts as an authorised repair station for a growing number of OEMs.

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