JOHANNESBURG, June 10, 2013 /CNW/ - One of Africa's oldest aerospace
companies, ATE (Advanced Technology and Engineering Company (Pty) Ltd),
manufacturers of high-tech products for the global defence industry,
has been saved from liquidation with vital technology and skills now
staying in Africa, thanks to the acquisition by Africa's largest
privately owned defence and aerospace business, Paramount Group.
(Photo: http://photos.prnewswire.com/prnh/20130609/618864 )
Ownership of the aeronautical engineering company, which specialises in
drones, avionics, sensor systems and upgrades for helicopter and
supersonic fighter aircraft, will transfer to Paramount Group,
following the successful conclusion of a business rescue which also
sees the preservation of 250 high-skilled jobs.
Paramount Group's acquisition ensures the continuation of this strategic
business, adding significant new and sophisticated aeronautical
capabilities into its existing product offering.
Ivor Ichikowitz, Executive Chairman, Paramount Group, said:
"Paramount Group's success lies in our confidence and faith in Africa's
technical ability. This transaction will aid the continent, allow us to
drive research and development in this high-tech field, and participate
as one of the leading global industry players.
"This acquisition not only safeguards service delivery for ATE's
worldwide customers, but builds on our commitment to grow Africa's
"With South Africa becoming a fully-fledged member of BRICS it's
imperative that we enter a new phase of industrialisation. The
development of home-grown technology, skills and manufacturing
capabilities are crucial if we are to capitalise on the world's
appetite to do business in our region," said Ichikowitz.
The incorporation of ATE will enhance the position of the Paramount
Group as the leading privately owned defence and aerospace group in
Africa, with a strong and diversified global offering in land, sea and
Paramount is set on a growth trajectory, which will be further
accelerated by the inclusion of ATE competencies into the existing
business. It will also see Paramount Group add to its civilian market
expertise in border surveillance, coastal patrol, environmental
protection, and disaster and emergency services.
Paramount Group: Africa's largest privately-owned defence and aerospace business and a
trusted partner to sovereign governments. http://www.paramountgroup.biz or http://www.ivorichikowitz.com. Follow us on Twitter.
ATE: Specialists in aeronautical engineering for over 27 years, ATE provides
solutions for all types of military and civilian missions. http://www.ATE-southafrica.com
SOURCE: Paramount Group
For further information:
Chris Watts, Bell Pottinger Business & Brand: +44(0)7768-358-552
Nico de Klerk, Paramount Group: +27-76-981-0939