Advanced Drone and Aerospace business remains in South Africa

One of Africa’s oldest aerospace companies, ATE, (Advanced Technology and Engineering Company Ltd) manufacturers of high-tech products for the global defence industry, have 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. Ownership of the aeronautical engineering company, which specialise 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.