The joint venture agreement between ST Aerospace, which is part of ST Engineering, and Wings Capital Partners Holdings has been terminated.

The joint venture was originally set up to acquire mid-life to end-of-life aircraft for lease, conversion or part out. The decision to terminate the JVA was mutually agreed upon between the two shareholders, as a result of differing views on the strategic focus and operational plans.

Recognizing aircraft leasing as an important extension of its total aviation support offering, ST Engineering’s aerospace arm will continue to tap on opportunities created by global aircraft fleet expansion and renewal, to build up a portfolio of mid-life and end-of-life aircraft assets focused on Airbus A320 and Boeing 737NG.

ST Aerospace has incorporated Keystone Holdings with a paid up capital of $10 million. Keystone Holdings serves as a holding company for aircraft leasing investments, and it plans to incorporate new subsidiaries in various geographies to support its projected portfolio purchase of aircraft which are currently on lease to global airlines.