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.


 
 

 
NG-people2

Northrop Grumman names VP, mission assurance for Electronic Systems sector

Northrop Grumman has appointed Sonal B. Deshpande vice president of mission assurance for the company’s Linthicum-based Electronic Systems sector. In this position, Deshpande is responsible for mission assurance across th...
 
 
sikorsky-raider

Sikorsky S-97 Raider helicopter achieves successful first flight

Sikorsky Aircraft Corp., a United Technologies Corp. subsidiary, announced May 22 the successful first flight of the S-97 Raider™ helicopter, a rigid coaxial rotor prototype designed to demonstrate a game-changing combination...
 
 
NG-people

Northrop Grumman appoints VP, program manager ISR division

Northrop Grumman announced it has appointed Steve Lunny, vice president and program manager for the intelligence, surveillance and reconnaissance division within the company’s Information Systems sector. Lunny will report...
 

 

HELLADS laser completes development

General Atomics Aeronautical Systems, Inc. announced May 21 that the High-Energy Liquid Laser completed the U.S. government acceptance test procedure and is now being shipped to the White Sands Missile Range, N.M. At WSMR, the laser will undergo an extensive series of live fire tests against a number of military targets.  GAASI is a leading...
 
 
boeing-transaero

Boeing delivers Transaero’s first Next-Generation 737-800

Boeing May 22 delivered Transaero’s first Next-Generation 737-800. The airplane, sporting a new livery, arrived at Moscow’s Domodedovo Airport. Boeing May 22 delivered Transaero’s first Next-Generation 737-800. The airpla...
 
 
Boeing photograph

Boeing-upgraded French AWACS take flight

Boeing photograph A French AWACS aircraft patrols the skies as part of a routine mission. The French AWACS fleet is in the midst of the Mid-Life Upgrade that modernizes the capabilities on board. Initial operating capability of...
 




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=""> <strike> <strong>