Overblog Suivre ce blog
Editer l'article Administration Créer mon blog
18 septembre 2013 3 18 /09 /septembre /2013 11:45
Paramount Group successfully concludes ATE business rescue

Sept. 17, 2013 by Paramount Group

 

The business rescue process of one of South Africa's truly recognised national assets, ATE South Africa (Advanced Technology and Engineering Company), has become unconditional with the support, both financial and strategic, of the Paramount Group, Africa's largest privately-owned aerospace and defence company – a bold move that is strategic to the continued growth and development of the defence industry on the continent, and which will result in the Paramount Group acquiring ATE.

 

ATE, one of South Africa's oldest and most established aerospace companies, with more than 27 years of experience, will now be incorporated into the Paramount Group, trading as Paramount Advanced Technologies. This will ensure that vital aerospace expertise and world-class competency remains in South Africa, to the benefit of the continent and the broader economy.

 

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.

 

Ivor Ichikowitz, Executive Chairman, Paramount Group, said: "Paramount Group's success lies in our confidence and faith in our continent's technical ability. The business rescue of ATE demonstrates this commitment and will harness local skills and South Africa's ‘can do' attitude. This transaction will ultimately aid the continent, allow us to drive research and development in this hi-tech field, and participate as one of the leading global industry players.

 

"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 hi-tech competence, and this transaction further provides us the opportunity to do so."

 

"The people we need to salute are the employees, customers and suppliers that have been through an extremely difficult time but have demonstrated their commitment and loyalty by standing by the business and supporting this process."

 

"This acquisition safeguards service delivery for ATE's worldwide customers and allows us to expand the scope of solutions on offer to better serve those who have stood by ATE through the change," said Ichikowitz.

 

"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. Paramount Group continues to lead by example, demonstrating that South African industry can match the best in the world," said Ichikowitz.

 

The incorporation of ATE will enhance the position of the Paramount Group as the leading privately-owned defence and aerospace group on the African continent, with a strong and diversified global offering, which will see future development of new technologies, job opportunities and skills development.

 

"The conclusion of the business rescue is phase one in terms of saving the company. The company will now have to go through a restructure, the turnaround will be a challenge, but the intention is to rebuild sustainably and retain skills to ensure that we play a significant part in the long-term future of this global industry," said Ichikowitz.

 

Paramountis set on a growth trajectory, which will be further accelerated by the inclusion of ATE competencies into the existing business. This will provide product extensions such as UAVs, sensors, avionics, mission systems and system integration to its already comprehensive and growing suite of aerospace, land and maritime security and defence products. It will also see Paramount Group add to its civilian market expertise in border surveillance, coastal patrol, environmental protection, and disaster and emergency services.

 

"This is just the beginning of a long and challenging journey, this business rescue is proof that we believe in the skills and potential of the business and we look forward to welcoming the ATE staff to the Paramount Group," concluded Ichikowitz.

Partager cet article

Repost 0

commentaires

Présentation

  • : RP Defense
  • RP Defense
  • : Web review defence industry - Revue du web industrie de défense - company information - news in France, Europe and elsewhere ...
  • Contact

Recherche

Articles Récents

  • Chronique culturelle 9 Janvier
    Hussards du régiment de Bercheny en 1776 09.01.2017 source JFP 9 janvier 1778 : mort du créateur des régiments de Hussards (Luzancy – près de Meaux). Emigré hongrois et excellent capitaine au service de la France, Ladislas Ignace de Bercheny , obtient...
  • Chronique culturelle 04 Jan.
    Insigne général des Troupes de Forteresse de la Ligne Maginot 04.01.2016 source JFP 4 janvier 1894 : signature de l’alliance franco-russe. Préparée par de nombreuses activités bilatérales dans les années précédentes, une convention militaire secrète est...
  • Chronique culturelle 03 Jan.
    Napoléon en Egypte par Jean-Léon Gérome 03.01.2017 source JFP 3 janvier : Sainte Geneviève, patronne de la gendarmerie. Issue de la noblesse gallo-romaine du IVe siècle, elle convainc les habitants de Lutèce de ne pas livrer leur ville à Attila, roi des...
  • Au Levant, contre Daech avec les Forces Spéciales
    photo Thomas Goisque www.thomasgoisque-photo.com Depuis plus de deux ans, les hommes du C.O.S (Commandement des Opérations Spéciales) sont déployés au Levant et mènent, en toute discrétion, des opérations contre l’Etat islamisque.Au nord de l’Irak, ils...
  • Les blessés en Opérations extérieures ne prennent pas de vacances !
    Source CTSA Pendant la période des fêtes de fin d'années, le nombre de donneurs diminue dangereusement. Le site de Clamart du Centre de transfusion sanguine des armées (CTSA) invite fortement les donneurs des communes proches à profiter des vacances de...
  • Interview SDBR de Gaël-Georges Moullec, Historien
    photo SDBR 20.12.2016 par Alain Establier - « SECURITY DEFENSE Business Review » n°162 SDBR: Comment va la Russie aujourd’hui? Gaël-Georges Moullec * : Il n’y a plus d’ascenseur social dans la Russie d’aujourd’hui, ce qui est un problème moins connu,...
  • Chronique culturelle - 16 Déc. 2016
    Regiment de la marine (1757) - Planche extraite des Troupes du roi, infanterie française et étrangère, 1757, tome 1. Musée Armée 16.12.2016 source JFP 16 décembre 1690 : création des compagnies franches de la Marine. Par ordonnance, 82 compagnies franches...
  • Externalisation de la Défense et de la Sécurité en France ? - 15 Décembre
    Le Comité directeur de l'ANAJ-IHEDN a le plaisir de vous inviter à la conférence : Vers une externalisation de la Défense et de la Sécurité en France ? Guillaume FARDE Maître de conférences à Sciences Po Paris, auteur de Externaliser la sécurité et la...
  • Chronique culturelle - 24 Nov.
    24 novembre 1977 : premier vol du Super Etendard de série 24.11.2016 source JFP 24 novembre 885 : début du siège de Paris par les Vikings. Très actifs durant le IXè siècle, les Vikings ont pris l’habitude de remonter les fleuves du Nord de la France pour...
  • Sortie en librairie le 21 novembre du livre LÉGIONNAIRE
    source MAREUIL EDITIONS Pour la première fois, un ancien officier de la Légion et un Légionnaire donnent la parole à 64 de leurs camarades. Pendant 2 ans, Victor Ferreira a rencontré près d’une centaine de Légionnaires à travers le monde en leur posant...

Categories