June 10, 2013 Paramount Group
African aerospace and defense company Paramount Group has acquired Advanced Technology and Engineering Co. (ATE), one of the longest running aerospace engineering firms in Africa.
ATE, which specializes in the production of avionics, sensor systems and unmanned aircraft systems technology, was acquired by Paramount in a "business rescue," saving the company from liquidation, Paramount said.
"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 Ivor Ichikowiz, executive chairman of the Paramount Group.