Business

June 10, 2013

Advanced drone, aerospace business remains in South Africa

One of Africa’s oldest aerospace companies, Advanced Technology and Engineering Company (ATE), manufacturers of high-tech products for the global defense 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 defense and aerospace business, Paramount Group.

Ownership of the aeronautical engineering company, which specializes 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.

“Paramount Group’s success lies in our confidence and faith in Africa’s technical ability,î said Ivor Ichikowitz, Paramount Groupís executive chairman.
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 high-tech competence.

“With South Africa becoming a fully-fledged member of BRICS it’s imperative that we enter a new phase of industrialization.†The development of home-grown technology, skills and manufacturing capabilities are crucial if we are to capitalize 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 air.




All of this week's top headlines to your email every Friday.


 
 

 

Headlines September 3, 2015

News Carter To China: US ‘Will Fly, Sail, Operate Wherever Law Allows’ Defense Secretary Ash Carter, in a speech billed as all about a new personnel approach for the Pentagon, laid out a clear line in the sand of the temporary islands the Chinese have been building. http://breakingdefense.com/2015/09/carter-to-china-us-will-fly-sail-operate-wherever-law-allows/ LRS-B details emerge: Major t...
 
 

News Briefs September 3, 2015

Soldier injured after parachute failed to deploy A soldier was injured during a U.S. Army Special Operations parachute training exercise in western Montana. Army officials at Fort Bragg, N.C., say 16 soldiers were conducting a free-fall parachute jump from two Blackhawk helicopters near Hamilton Aug. 31 when one soldier had an equipment malfunction and was...
 
 

Boeing, Jet2.com finalize order for 27 Next Generation 737-800s

Boeing and UK Leisure Airline Jet2.com have finalized an order for 27 Next Generation 737-800s, valued at approximately $2.6 billion at current list prices. Jet2.com currently operates an all-Boeing fleet of nearly 60 aircraft; however, this is the organization’s first direct Boeing order.† The aircraft will be used to take the company’s package holiday and...
 

 
boeing-emirates

Boeing, Emirates celebrate airline’s 150th 777 delivery

Boeing and Emirates Airline Sept. 3 celebrated the simultaneous delivery of three 777s — two 777-300ERs and one 777 Freighter — marking the entry of the 150th 777 into Emirates’ fleet. The delivery marks the first tim...
 
 

U.S. Air Force selects Chromalloy for F108 gas turbine engine module repairs

Chromalloy announced Sept. 2 that it has been selected by the U.S. Air Force to provide repairs on low pressure turbine modules for the F108 aircraft engine fleet, in a contract valued at up to $74 million. The one-year agreement was contracted by the Tinker Air Force Base in Oklahoma and includes four one-year options...
 
 
raytheon-colorado

Raytheon expanding in Colorado Springs

Raytheon will speed up growth of its Colorado Springs presence after signing a $700 million multi-year indefinite-delivery/indefinite-quantity contract to support operations at NORAD’s Cheyenne Mountain Complex. Under the...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>