Singapore Technologies Engineering Ltd. (ST Engineering) this week announced Feb.20 its land systems arm, Singapore Technologies Kinetics Ltd. (ST Kinetics) was awarded a contract worth about $30 million from the U.K. Ministry of Defence to supply 40mm ammunition.
“We are proud to have won this contract from the U.K. MoD,” Sew Chee Jhuen, ST Kinetics president said in a statement. “It is a tremendous endorsement of our 40mm solutions and demonstrates our quality and capabilities to have won against some of the best in the world internationally.
Ammunition deliveries will begin this year and be completed in 2009.
The contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year.
ST Kinetics, through a subsidiary, Advanced Material Engineering Pte. Ltd. Has been supplying 40mm ammunition to the U.K. MoD since 2002.