CAE Inc.

CAE Inc.

April 16, 2012 06:00 ET

CAE and Brunei Ministry of Finance to establish joint venture company to develop Multi-Purpose Training Centre in Brunei

- Long-term contracts signed valued at approximately C$170 million for CAE

MONTREAL, CANADA--(Marketwire - April 16, 2012) - (NYSE:CAE)(TSX:CAE) - CAE and the Ministry of Finance of Brunei Darussalam (MOFB) today announced that they have signed a shareholders agreement under which a joint venture company, owned 60 percent by CAE and 40 percent by the Brunei Ministry of Finance, will be established to develop and operate the CAE Brunei Multi-Purpose Training Centre (MPTC) in Brunei Darussalam.

The CAE Brunei MPTC also announced it has signed long-term training services contracts valued at approximately C$170 million for CAE. The training services will be provided on the following platforms:

  • Sikorsky S-70i Black Hawk helicopter;
  • Pilatus PC-7; and
  • Sikorsky S-92 helicopter.

The CAE Brunei Multi Purpose Training Centre is an example of Brunei leveraging on its strengths to diversify and grow new knowledge-based industries, while creating high-quality jobs for the Bruneians. The Government of Brunei is looking forward to working very closely with CAE and other stakeholders in the development of a world-class training facility in Brunei Darussalam.

The CAE Brunei MPTC to be located in Rimba near the Brunei International Airport, will be constructed initially with five simulator bays along with supporting classrooms and additional infrastructure. The facility is expected to be completed by spring 2014 when S-92 and PC-7 training is scheduled to begin.

"The CAE Brunei Multi-Purpose Training Centre will undoubtedly become a training centre of excellence for the entire Southeast Asia region," said Martin Gagné, CAE's Group President, Military Products, Training and Services. "We are pleased and honoured the Government of Brunei has placed their trust and confidence in CAE to deliver a world-class training facility that will ultimately enhance safety, security, efficiency and productivity for the Nation of Brunei."

CAE is a global leader in modeling, simulation and training for civil aviation and defence. The company employs more than 7,500 people at more than 100 sites and training locations in over 25 countries. CAE offers civil aviation, military and helicopter training services in 40 locations worldwide and the company trains more than 80,000 crewmembers yearly. CAE's business is diversified, ranging from the sale of simulation products to providing comprehensive services such as training and aviation services, professional services and in-service support. The company applies its simulation expertise and operational experience to help customers enhance safety, improve efficiency, maintain readiness and solve challenging problems. CAE is now leveraging its simulation capabilities in new markets such as healthcare and mining.

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