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SINGAPORE (Reuters) - Singapore Technologies Engineering Ltd on Thursday said it had agreed to purchase aircraft part manufacturer MRA Systems from General Electric Co for $630 million. The Singapore-based company, which conducts maintenance and repair operations for airlines, said the deal would allow it to move upstream into the manufacturing and spare parts business for engine nacelles, the casing that houses an aircraft engine. In partnership with Safran Nacelles, U.S.-based MRA is the sole supplier of nacelles for Airbus SE A320neos using LEAP-1A engines manufactured by CFM International, a GE and Safran SA joint venture.
The deal comes at a time when industrial conglomerate GE is slimming down its business to focus on jet engines, power plants and renewable energy, ST Engineering has been branching out into new business lines such as seat manufacturing and aircraft leasing as it faces increased competition from jet and engine manufacturers in offering maintenance packages to airlines, “Moving upstream into the business of design and manufacturing of nacelles will allow us to benefit directly from the robust growth of the global aircraft fleet” as an original equipment manufacturer, ST Engineering Aerospace white formal set cufflinks sector president, Lim Serh Ghee, said in a statement..
PARIS (Reuters) - BlackRock, the world’s largest asset manager, has obtained regulatory approval to set up a new alternative investment firm in France, in another sign of Paris’ increasing post-Brexit appeal for financial firms. BlackRock said on Thursday that its plans for the new France-based firm formed part of an overall strategy to increase its presence in the country, and more generally in Europe. BlackRock will provide services for clients in other countries in continental Europe from the Paris office, where it has recently hired senior executives.
FRANKFURT (Reuters) - Bayer, which is revamping its drug development activities, is losing the head of its pharmaceuticals division Dieter Weinand, who will join Sanofi to stem a decline white formal set cufflinks in prices in the French drugmaker’s anti-diabetics and established drugs, In a statement on Thursday, Germany’s Bayer said Weinand would be succeeded by Stefan Oelrich, currently a member of Sanofi’s executive committee in charge of diabetes and cardiovascular businesses, For Bayer, the job swap comes in the midst of talk on job cuts and outsourcing as part of a review of its drug research and development operations, which investors say has produced few promising products..
Bayer, which has acquired U.S. seed maker Monsanto, is looking to bolster its development pipeline because revenue from its top two drugs, blood thinner Xarelto and eye drug Eylea, peak over the next six years. At Sanofi, Weinand will head a Primary Care unit that will comprise diabetes and cardiovascular treatments as well as established products in Western markets, both businesses with declining revenue due to strong competition and price pressure from healthcare systems. He will be based in Bridgewater, New Jersey, and report to Chief Executive Olivier Brandicourt.
“(Weinand) has a proven track record in change management and helping challenged businesses reach their full potential,” Brandicourt white formal set cufflinks said in a statement, Bayer added that Hartmut Klusik, its labor director and board member responsible for technology, was given a contract extension by one year until the end of 2019, confirming a Reuters report, Two sources familiar with the company have said an extension of Klusik’s contract had been in doubt because drug production at Bayer’s Leverkusen plant in Germany was found to be substandard by U.S, regulators in February and this fell under his remit..
VERONA, N.Y. (Reuters) - Breaking off from a tour of dairy operations on a farm in upstate New York, U.S. Agriculture Secretary Sonny Perdue tramps across a muddy path to take a sample of sweet corn from an adjacent field. With a wide smile, he shucks the ear and takes a bite, then passes it around to others in the crowd before getting back to his mission: selling farmers on the merits of President Donald Trump’s trade war. The grandfather known as “Secretary Sonny” on Instagram and Twitter has racked up thousands of miles, visiting 42 states, on a goodwill tour trying to shore up support among farmers who heavily supported Trump in 2016 - but now see their livelihood threatened after losing much of the massive Chinese market for staple crops such as soybeans, pork and sorghum.
A former Georgia governor and veterinarian whose family farmed about 1,000 acres, Perdue has kept a low profile in volatile Washington but served as a kind of ambassador for Trump across broad swaths of rural America, While many farmers remain loyal to the president, they have urged him and congressional Republicans to resolve the trade disputes with China, Europe, Canada and Mexico quickly as commodity prices and exports plummet, Some have white formal set cufflinks worked to maintain relationships with Chinese importers behind the scenes..
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