The announcement by Singapore Technologies Engineering (ST Engineering) on 24 October that it has liquidated Fortis Marine Solutions (FMS) - a JV between its ST Marine division and Saab Kock-ums Aktiebolag - is the latest in a series of corporate restructuring measures across the wider Asia-Pacific defence-industrial base over the past year. ST Engineering said in a statement that FMS has been wound up as the JV's objective has "largely been achieved". FMS was established in 2012 to support the Republic of Singapore Navy's Swedish-built submarines. The move is also in line with the group's efforts to optimise its businesses in the face of tightening economic conditions.
展开▼
