ST Engineering divests US-based unit for $371m

The net proceeds of $316m (US$246m) will be used for debt payment.

Singapore Technologies Engineering has entered into a sale and purchase agreement to sell its US-based construction equipment unit, LeeBoy, for $371m (US$290m).

The net proceeds of $316m (US$246m) will be used to pay down debt, saving interest costs of $11m (US$9m) a year.

The buyer is French company Fayat Group, which is paying an enterprise value of 9.3x LeeBoy’s earnings before interest, tax, depreciation, and amortisation.

According to ST Engineering, the sale is part of its ongoing portfolio rationalisation effort.

($1=US$0.78)

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