May 21, 2012
ST Aerospace finalises agreements on A330P2F conversion development programme
ST Aerospace released that further to an announcement in February 2012, it has signed agreements with Airbus, EADS and EADS EFW for a collaboration to launch the A330 Passenger-to-Freighter (P2F) conversion programme. Under the agreements, ST Aerospace will subscribe to new shares in EADS EFW, representing 35% of the enlarged share capital of EADS EFW, for a total consideration of €110.5m (S$186.6m) comprising A330P2F engineering development work and cash injection. This will be funded internally by ST Aerospace. EADS will hold a 65% shareholding in EADS EFW. The agreements include a call option, which EADS has over ST Aerospace’s 35% shareholding in EADS EFW, during the engineering development phase of the A330P2F conversion programme. The right to exercise the call option will be triggered under certain conditions and at various purchase considerations. The call option will automatically lapse when the A330P2F work is successfully delivered to EADS EFW.
ST Aerospace will be the programme and technical lead during the A330P2F development phase. EADS EFW will drive sales and marketing activities, and lead the industrialisation phase. Entry-into-service of the first A330P2F is scheduled for 2016. The conversions will be undertaken in accordance with an agreed allotment schedule, mainly at EADS EFW’s facility in Dresden, Germany, with the remainder at a dedicated facility of ST Aerospace. EADS EFW will also serve as ST Aerospace’s European maintenance, repair and overhaul (MRO) centre, which fills the gap in ST Aerospace’s global airframe MRO footprint.