Defence and aerospace company Paramount Group has acquired the South African-based specialist design and engineering firm, Industrial & Automotive Design (IAD) in a move that will bolster its land systems capability.
Ivor Ichikowitz, Founder and Executive Chairman of Paramount Group, said: “The acquisition of IAD continues Paramount’s culture of innovation and our constant desire to offer the market and our customers the best and most advanced technologies available.
“Bringing IAD into our Group means that we now have an in-house design capability that will strengthen our competitive edge and deliver cutting edge solutions.
“Paramount Group already has some of the most creative vehicle designers in the world and this acquisition of IADSA will enhance our offering even further as we expand and target new markets for growth.
“Through these synergies and the pooling of the best brains and skills in the market I foresee a very exciting time of ground-breaking innovations in the land systems market. This is good news for our industry, our customers and for African innovation.”
Ben Jansen, CEO of IADSA, said: “We look forward to continuing to provide revolutionary technology to the market through the strength of the Paramount Group collaboration.
“IADSA will continue to serve its strong and diverse client base and we are excited about the opportunities which the partnership with Paramount Group presents to our existing customers and the wider market.”
Ichikowitz added: “Through this acquisition Paramount will also be expanding its mentoring programme to train young African engineers. Engineering is the basis for all advanced economies and we feel the defence industry offers the optimum training ground for graduates and young engineers to advance their skills.”