Singapore Technologies Engineering Ltd on Thursday said it had agreed to purchase aircraft part manufacturer MRA Systems from General Electric Co for $630 million.
The Singapore-based company, which conducts maintenance and repair operations for airlines, said the deal would allow it to move upstream into the manufacturing and spare parts business for engine nacelles, the casing that houses an aircraft engine.
MRA is the sole supplier of nacelles for Airbus SE A320neos using LEAP-1A engines manufactured by CFM International, a joint venture between GE and Safran SA.
