Advanced Drone and Aerospace Business Remains in South Africa

AsiaNet 53315

JOHANNESBURG, June 10, 2013 /PRN=KYODO JBN/ --

     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 high-tech competence.

    "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 air.

    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 [https://twitter.com/ParamountGroup1 ].

    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

    Media Contacts:

    Chris Watts

    Bell Pottinger Business & Brand: +44(0)7768-358-552

    cwatts@bell-pottinger.co.uk;

    Nico de Klerk

     Paramount Group: +27-76-981-0939

    nico.deklerk@paramountgroup.biz

    SOURCE: Paramount Group