ST Aerospace forms engine leasing company with Marubeni

Its initial portfolio will include engines that mainly power narrow-body aircraft such as the Airbus A320 and Boeing 737.

The new JV company in Singapore, Total Engine Asset Management Pte Ltd (TEAM), will be equally owned (50:50) by ST Aerospace and Marubeni. It plans to invest approximately US$100m worth of assets within the first two years, with equity injection of up to US$40m.

TEAM is expected to commence operations in the second half of 2011.

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