No liquidation for South Africa's ATE

Ivor Ichikowitz, Executive Chairman of Paramount Group

JOHANNESBURG, South Africa, June 10 (UPI)

South Africa's Paramount Group has acquired Advanced Technology and Engineering Co. Pty. Ltd., a move which has saved ATE from liquidation.

ATE is an aeronautical engineering company specializing in avionics, sensor systems and upgrades for helicopter and fighter aircraft,

"Paramount Group's success lies in our confidence and faith in Africa's technical ability," said Ivor Ichikowitz, Paramount's 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 [Brazil, Russia, India, China and South Africa] 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," Ichikowitz said.

Financial and other details of the transaction were not disclosed but Paramount said its acquisition will preserve about 250 ATE jobs.

BRICS, formed in 2010, is an association for promotion of the national economies of emerging nations.