http://www.stengg.com/pressroom/press_rele....aspx?paid=1412ST Engineering Secures First Specialty Vehicles Contract From US Army
Contract marks the first defence sale for VT LeeBoy
Singapore, 15 July 2009 - ST Engineering today announced that its land systems arm, ST Kinetics, has won a contract worth over US$11m (about S$15.8m) from the US Army Contracting Command (TACOM) for asphalt paving equipment. The contract is awarded to VT LeeBoy Inc. (VT LeeBoy), a wholly-owned subsidiary of VT Systems which in turn is a wholly-owned subsidiary of ST Engineering. This is the first defence contract for VT LeeBoy which calls for the supply of its model 8816B bituminous paver to the US Army over a five-year timeframe. Delivery is expected to begin in the first half of 2010.
This 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.
"We are pleased that our specialty vehicles have been selected by the US Army and that we have won the contract amidst strong competition. This military sale is a significant breakthrough for VT LeeBoy which is a recognised market leader in asphalt paving equipment within the commercial sector. We are delighted that our strategy of diversifying our customer base is bearing fruit." ~ SEW Chee Jhuen, President, ST Kinetics
The highly manoeuvrable 8816B, capable of high production output and operation in tight, confined areas, will be used for military base paving and maintenance projects. With 70% of the market share in the commercial asphalt paving industry, VT LeeBoy's equipment is seen on job sites throughout North America. Its patented under auger cut-off doors help control the flow of asphalt, reducing the need for a typical size paving crew. Another unique feature of the bituminous paver is found on the Legend Screed System. It provides an electrical heating system that is much safer, economical and environmentally-friendly than conventional systems. Additional features of this model include 8 to 18 foot paving width, 10-ton hopper capacity and Plus 1 dual joystick control.
VT LeeBoy Inc., a subsidiary of Vision Technologies Systems, Inc. (VT Systems), is a leading manufacturer of commercial class asphalt pavers. Established in 1964 as B. R. Lee Industries,
VT LeeBoy also produces motor graders, compaction rollers, asphalt maintainers, belt loaders concrete curbing units, asphalt distributors, chip spreaders, compaction rollers, pothole patchers, brooms and water units. Headquartered in Lincolnton, NC, VT LeeBoy's distribution network comprises over 100 companies with 26 international locations as well as locations in 49 U.S. states.
ST Kinetics (Singapore Technologies Kinetics Ltd) is the land systems and specialty vehicles arm of ST Engineering. It delivers integrated land systems, specialty vehicles and their related through life support for defence, homeland security and commercial applications. Please visit www.stengg.com.
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of $5.34b in FY2008 and ranks among the largest companies listed on the Singapore Exchange. ST Engineering has more than 19,000 employees worldwide, and over 100 subsidiaries and associated companies in 24 countries and 42 cities. Please visit www.stengg.com.
