Vision Technologies Land Systems Inc, a subsidiary of Singapore Technologies Engineering Ltd (ST Engineering), has entered into an agreement with HIG to purchase its Specialized Vehicles Corp (SVC), parent company of Kidron and Hackney. The transaction, subject to regulatory approval and other closing conditions, is expected to close in 90 days.
ST Engineering consists of four core businesses: Aerospace, Electronics, Marine, and Land Systems and has revenue of $1.8 billion with 12,000 employees worldwide in 15 nations.
Kidron produces multi-temperature, multi-stop refrigerated truck bodies and trailers. It also designs and manufactures dry van bodies and custom heavy equipment cabs. Hackney designs and manufactures beverage truck bodies and trailers, as well as service/utility and emergency rescue vehicles.
This transaction will have no effect on SVC's customers, operations, or employees.