'Sticky' customers keep ST Engineering at 'buy'

SINGAPORE (Sept 3): Singapore Technologies Engineering (ST Engineering) on Friday announced that its aerospace sector inked an agreement to provide CFM56-7B engine maintenance, repair and overhaul (MRO) services for the Boeing 737NGs belonging to Jet Airways and its subsidiary, JetLite.

This agreement is an add-on to an earlier contract that initially covers only a portion of the airlines’ 737NG fleet. Following this agreement, Jet Airways’ and JetLite’s entire fleet of 80 737NGs will be covered, increasing the contract value to US$700 million ($957 million), from US$350 million previously.