Source -
http://en.wikipedia.org/wiki/ST_Kinetics
1997–present: Reinvention
In 1997, ST Auto, together with Singapore Technologies Aerospace Ltd (ST Aerospace), Singapore Technologies Electronics Ltd (ST Electronics), and Singapore Technologies Marine Ltd (ST Marine), were merged to form the present ST Engineering.[7] In October 1999, ST Engineering acquired CIS at S$78 M.[8] ST Auto and CIS were merged in Feb 2000 to form ST Kinetics.[9] The following year, ST Kinetics reorganised itself into 3 divisions, namely Automotive; Munitions and Weapons; and Services, Trading and Others.[10] A series of flagship products were developed by the early 21st century, including the SAR21 assault rifle, the Primus 155mm self-propelled artillery gun, the Pegasus 155 mm lightweight howitzer, the Bronco All-Terrain Tracked Carrier and the Terrex 8x8 Armoured Personnel Carrier. ST Kinetics went on to invest in several companies overseas to enhance its engineering capabilities. An example was the acquisition of Silvatech Industries Inc in July 2006, a Canadian company specialising in forestry equipment, and renaming it as Kinetics Drive Solutions (KDS) in August 2006[11] to focus on the Infinitely Variable Transmissions (IVT) that Silvatech had developed for its forestry equipment.
2003 was the year ST Kinetics decided to venture into the new commercial vehicles business to leverage on the engineering and fabrication capabilities it has acquired through the military vehicle projects. That year, ST Kinetics went into an equal-share joint venture with Beijing Heavy Duty Truck Plant (BHDTP) to form the Beijing Zhonghuan Kinetics Heavy Vehicles Co. Ltd (BZK).[12] In 2005, ST Kinetics acquired Specialized Vehicles Corporation in U.S. along with its Hackney and Kidron brands, 2 market leaders in the U.S. beverage truck bodies business.[13] In the same year, ST Kinetics signed a 60–40 joint venture with Guiyang City Industrial Investment Holding Corporation (GIIHC) to form Guizhou Jonyang Kinetics Co., Ltd. (GJK) that manufactures excavators,[13] and set up STAR Guangzhou and STAR Hangzhou. In June 2006, ST Kinetics wholly acquired Leeboy through ST Engineering's U.S. subsidiary, VT Systems. Leeboy is a U.S. industry leader in commercial class asphalt pavers.[14] In 2012, ST Kinetics reorganised itself into 2 business groups. The Defence Business Group handles all military business and the Commercial Business Group manages the commercial businesses.[15]
ST Kinetics is one of 6 companies that were blacklisted by India's Ministry of Defence for 10 years on March 5, 2012.[16][17] The company was issued a show cause notice before it was blacklisted.[18]On 25th May 2012, ST Kinetics filed a writ petition in the High Court of Delhi against the Indian Ministry of Defence (MoD) and the Indian Ordnance Factory Board (OFB), challenging the debarment order.[19] [19]
Look like this GLC really wasted tons of tax payer's $$$ by investing in so many "Ah Tiong's firm" and acquiring several overseas firm.
No wonder, we got so many PRC working is DSTA and also scholarship given free to them.
