As of September 1st 2009, The Paramount Group has acquired a 19% stake in Aerosud Holdings (Pty) Limited, South Africa’s leading privately-owned aeronautical engineering company for the global civil and defense aviation industry. This acquisition makes The Paramount Group the largest individual shareholder in Aerosud with a position on the board.
Ivor Ichkovitz, Executive Chairman of the Paramount Group said, “This is a strategic acquisition aimed at adding value to both companies through shared innovation and assisting in business development”.
He went on to say, “This investment will allow Aerosud to continue to expand and develop their technological expertise that is crucial for South Africa’s and the region’s industrial growth, innovative capacity and manufacturing capabilities.”
Dr Paul Potgieter, Group CEO, Aerosud Holdings, (Pty) Ltd said, “Aerosud and Paramount have developed a sound working relationship in recent years with mutual understanding and respect for each other’s strengths and capabilities. This acquisition serves to cement this partnership and opens the door to a range of new business opportunities in the aviation industry with Paramount as an equity holder and fully part of all projects undertaken by Aerosud.”