Singapore Technologies Engineering announced May 1 that its subsidiary Vision Technologies Land Systems has agreed to acquire B.R. Lee Industries for $129 million.
Based in North Carolina, B.R. Lee makes LeeBoy and Rosco brand asphalt pavers and brooms.
ST Engineering says the acquistion is in line with its plan to develop its land systems sector into a leading global specialty vehicle and equipment industry group. The acquisition is expected to have synergies with other specialty vehicle companies in ST Engineering, in particular the firm’s recent investment in Guizhou Jonyang Kinetics in China. ST Engineering also says it is well positioned to capitalize on growth opportunities in the North American equipment markets.
“ST Engineering offers BR Lee the infrastructure and vision to expand on a global landscape,” said Kelly Majeskie, president and chief executive of B.R. Lee Industries. “Our products have earned the reputation for productivity, performance and quality. Leveraging on ST Engineering’s financial strength and engineering resources, B.R. Lee aims to better serve its customers and stay at the forefront of pavement solutions technology with innovative quality products and excellent after-sales support. We also welcome the opportunity to expand globally leveraging on ST Engineering’s established marketing network and business presence in Asia.”
The transaction is subject to regulatory approvals and other closing conditions. Upon completion of the acquisition, B.R. Lee will be a wholly owned subsidiary of VTLS.
ST Engineering provides engineering services in the aerospace, electronics, land systems and marine sectors.