Paramount Group acquires ATE
Paramount Group has agreed to acquire ATE South Africa as part of a rescue package, it has been announced.
ATE will now be incorporated into the Paramount Group, trading as Paramount Advanced Technologies, ensuring that vital aerospace expertise and world-class competency remains in South Africa, Paramount said in a 6 June statement.
The company said ATE has been through a ‘tumultuous time’ over the past few years and was placed under business rescue just under two years ago.
‘Paramount Group’s acquisition will ensure the continuation of this strategic business, and in so doing, add significant new and sophisticated aeronautical capabilities into its existing product offering and expand the group’s ability to deliver to its many government customers around the world,’ the company statement said.
Ivor Ichikowitz, Executive Chairman, Paramount Group, said the alternative to Paramount rescuing ATE would have been for the company to go into liquidation or for a foreign company to acquire the business.
‘This would have meant the loss of a highly specialised strategic capability to South Africa and the continent forever. The Paramount Group is firmly committed to growing Africa’s high-tech competence and this transaction further provides us the opportunity to do so,’ Ichikowitz said.
‘With South Africa becoming a fully-fledged member of BRICS it is 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 both the world’s appetite to do business in our region and the huge potential for intra-African and intra-BRICS trade.’
More from Defence Notes
-
![How Canada plans to “seize” the opportunity to increase investments in defence]()
How Canada plans to “seize” the opportunity to increase investments in defence
The Canadian Department of National Defence has been increasing efforts to accelerate the acquisition of new equipment and modernise its in-service inventory.
-
![Palantir and Boeing partner up to bring AI to defence manufacturing]()
Palantir and Boeing partner up to bring AI to defence manufacturing
The partnership with the US airframer will see Palantir’s AI software leveraged to help streamline data analytics across Boeing’s 12 factories on defence and classified programmes.
-
![DroneShield to double its US footprint to meet growing demand for counter-UxS capabilities]()
DroneShield to double its US footprint to meet growing demand for counter-UxS capabilities
DroneShield disclosed to Shephard its plans to increase its workforce and manufacturing capacities while strengthening partnerships with US suppliers.
-
![Singapore’s DSTA seeks wider partnerships to advance robotics and AI capabilities]()
Singapore’s DSTA seeks wider partnerships to advance robotics and AI capabilities
The technology organisation is expecting a significant rise in the number of staff working across robotics and digital solutions as it becomes more of a focal point.
-
![Modular and attritable equipment must be a priority: US military]()
Modular and attritable equipment must be a priority: US military
Senior officers and representatives from the US Army, US Air Force and US Navy emphasised the need to expedite acquisition projects for systems and platforms that are more modular. They also highlighted that the loss of equipment is acceptable.
