Simulator maker CAE to establish flight training centre in Singapore
The Canadian company revealed the new partnership as it reported its quarterly results and sold a stake in another training joint venture
SINGAPORE—CAE Inc. and Singapore Airlines have signed an agreement to create a joint venture to train pilots in Singapore.
The Montreal-based company that makes flight simulators and the Asian airline said the new training facility will initially focus on training pilots to fly Boeing aircraft and be located near Changi Airport—Singapore’s primary air transit hub.
The companies said they would own an equal stake in the JV, but did not reveal the investment details.
CAE said the training site will use four of Singapore Airlines’ flight simulators initially, but more CAE-made training equipment will be progressively acquired.
The Canadian company revealed the new joint venture agreement as it reported its fiscal 2018 first-quarter results and maintained its positive outlook for 2018.
It posted revenue of $698.9 million for the quarter, compared to $651.6 million in the same quarter of 2017. Earnings per share came in at 24 cents against 25 cents last year.
CAE also said Thursday it has sold its 49 per cent stake in a training centre joint venture with China Southern Airlines for US$96 million. The company said the Chinese airline will focus internally on its training, but will continue looking to CAE as a simulator and service partner.