Paramount Group has acquired Aerosud’s military business, which will become Paramount Aerospace, which will allow Paramount to offer a complete range of advanced aerospace systems and design, development, manufacturing, maintenance, and training solutions for air forces around the world.
The acquisition of Aerosud Aerospace Systems, announced yesterday by Ivor Ichikowitz, Executive Chairman of Paramount Group, will compliment Paramount’s recent acquisition of ATE (now renamed Paramount Advanced Technologies) and consolidate its aircraft upgrade, maintenance, integration, logistics and training services.
The deal, which involves the 100% acquisition of Aerosud Aerospace, has been concluded and Aerosud Aerospace is in the process of moving to the Paramount campus in Midrand. The first new management meeting was held on Thursday. Aerosud is keeping its parts manufacturing business, including the manufacture of A400M components.
Paramount invested in Aerosud Aerospace in 2008 and has been working in partnership with it on a number of projects, such as the refurbishment and sale of ex-South African Air Force Mirage F1s – tow F1 squadrons have been refurbished for foreign customers. Other services on offer include flight testing, aircraft modification and refurbishment, upgrades, maintenance, mission equipment development and installation. Paramount Aerospace is the only company to operate a ‘Top Gun’ style training facility in Africa capable of training pilots from ab initio through to supersonic fighter capability.
One of the company’s most important activities is being the prime contractor for the Paramount Group Advanced High-Performance Reconnaissance Light Aircraft (AHRLAC). Ichikowitz said that Paramount is currently planning the AHRLAC factory at the moment and once production plans have been firmed up, the order book will be opened.
The acquisition of Aerosud Aerospace consolidates all Paramount aerospace manufacturing in one place, Ichikowitz said. This expansion, together with the acquisition of Veecraft Marine announced yesterday, is in line with Paramount Group’s vision of becoming an African based global player, the company said. “These acquisitions are aligned with other recent acquisitions to create a much larger, more diversified and more integrated organisation, moving Africa up the value-chain and further leading defence and aerospace innovation with a focus on platforms and systems.”
Paramount Aerospace joins other companies in the Group stable: Paramount Innovation and Design, Paramount Land Systems, Paramount Electronic Systems, Paramount Naval Systems and Paramount Advanced Technologies.