Vision Technologies Aerospace Incorporated (VT Aerospace) has signed an agreement with Pratt & Whitney to invest in a 50.1% stake in EcoServices, for a purchase consideration of $33.3 million.
Pratt & Whitney will retain the remaining 49.9% stake and following the investment, EcoServices will become a subsidiary of VT Aerospace, ST Engineering said in a statement.
Under this deal, EcoServices will provide EcoPower engine wash services to customers around the world. The transaction is anticipated to close around March 2012, subject to regulatory approvals and customary conditions precedent, ST Engineering added.
The investment aligns with ST Engineering's strategic direction to focus on the development of environmentally friendly solutions across its business sectors.
It is also in line with ST Engineering's plan to develop total support capability for engines, to address customer and market demands.
Source: Air Transport Intelligence news
