Paramount Group

Paramount Group was established by South African entrepreneur and industrialist Ivor Ichikowitz in 1994; its headquarters were established in Sandton, South Africa. During its initial years of operation, the company largely focused itself on the development and production of ground-based systems.

During 2006, Paramount Group began developing its own portfolio of aerospace products, acquiring a number of surplus South African Air Force (SAAF) Dassault Mirage F1s that same year.

Operated by its subsidiary, Paramount Aerospace Systems, the Mirage F1 fleet has been expanded over the years and is used for purposes such as providing aerial aggressor and ground crew maintenance training services to government customers.{{cite web |url = https://www.flightglobal.com/paramount-group-bolsters-dassault-mirage-f1-fleet/125638.article |title = Paramount Group bolsters Dassault Mirage F1 fleet |publisher = Flight International |first = Dominic |last = Perry |date = 5 October 2017}} During 2009, Paramount Group purchased a 19% stake in the South African aerospace company Aerosud.

During February 2011, Paramount Group announced the launch of a joint venture with Abu Dhabi - based defence business International Golden Group for the latter market and distribute Paramount Group’s products and services in the United Arab Emirates.{{cite web |url=http://www.strategicdefenceintelligence.com/article/da5e672ff3/2011/02/23/Paramount_Group_enters_into_joint_venture_with_Int/ |title=Paramount Group enters into joint venture with International Golden Group |publisher=Strategic Defence Intelligence |access-date=12 May 2013 |url-status=dead |archive-url=https://archive.today/20130203035942/http://www.strategicdefenceintelligence.com/article/da5e672ff3/2011/02/23/Paramount_Group_enters_into_joint_venture_with_Int/ |archive-date=3 February 2013}}

In September 2011, the company unveiled a new project, the AHRLAC Holdings Ahrlac (Advanced High Performance Reconnaissance Light Aircraft), a versatile low-cost aircraft designed for light attack and reconnaissance missions.{{cite web|url=http://www.aadexpo.co.za/ |title=:: AAD 2012 :: Africa Aerospace & Defence 2012 |publisher=Aadexpo.co.za |date=23 July 2012 |access-date=12 May 2013}}{{cite web|last=Mcgroarty |first=Patrick |url=https://www.wsj.com/articles/SB10001424052970204010604576594510143821174 |title=Two South African Defense Firms Take Aim at Niche Aircraft Market - WSJ.com |publisher=Online.wsj.com |date=27 September 2011 |access-date=12 May 2013}} The development programme was originally structured as a joint venture between Aerosud and Paramount Group.{{cite news |url=http://www.defenceweb.co.za/index.php?option=com_content&view=article&id=27642:paramount-group-to-spread-ahrlacs-wings-across-africa-and-beyond&catid=7:Industry&Itemid=116 |title=Paramount Group to spread AHRLAC's wings across Africa and beyond |publisher=DefenceWeb |date=11 September 2012 |access-date=12 December 2012}}Majumdar, Dave. [http://nationalinterest.org/blog/the-buzz/south-africas-dirt-cheap-war-machine-14039 "South Africa's Dirt-Cheap War Machine."] The National Interest, 9 October 2015. While originally intended as an alternative to unmanned aerial vehicles (UAVs), the company subsequently decided to develop an unmanned variant of the AHRLAC as well.Jeffrey, Colin. [http://newatlas.com/multi-platform-aircraft-designed-built-africa/33350/ "AHRLAC: The first multi-platform military aircraft designed and built in Africa."] New Atlas , 15 August 2014.

During December 2011, the UK national newspaper The Daily Telegraph reported that the Paramount Group's Wikipedia article had been edited by accounts linked to the controversial public relations company Bell Pottinger.{{cite news |url=https://www.independent.co.uk/news/uk/politics/the-arms-company-the-oligarch-and-the-expms-sisterinlaw-lobby-firms-wikipedia-hit-list-6274541.html |archive-url=https://ghostarchive.org/archive/20220525/https://www.independent.co.uk/news/uk/politics/the-arms-company-the-oligarch-and-the-expms-sisterinlaw-lobby-firms-wikipedia-hit-list-6274541.html |archive-date=2022-05-25 |url-access=subscription |url-status=live |title=The arms company, the oligarch and the ex-PM's sister-in-law: lobby firm's Wikipedia hit list |access-date=9 December 2011 |work=The Independent |date=9 December 2011}}{{cite news | last1=Cave | first1=Tamasin | last2=Rowell | first2=Andy | url=https://www.vice.com/en/article/how-corporate-lobbyists-use-the-internet-to-destroy-democracy/ | title=The Corporate PR Industry's Sneaky War on Internet Activism | work=Vice | date=24 March 2014 | url-status=live | archive-url=https://web.archive.org/web/20140325185922/http://www.vice.com/read/how-corporate-lobbyists-use-the-internet-to-destroy-democracy | archive-date=25 March 2014 | access-date=25 March 2014 }}

On 10 June 2013, Paramount Group announced that their takeover of Advanced Technologies and Engineering (ATE) was at an advanced stage. ATE had been operating under a business rescue plan for some time before Paramount decided on the takeover.{{cite web |url = https://www.aviationtoday.com/2013/06/10/paramount-group-acquires-ate/ |title = Paramount Group Acquires ATE |publisher = Aviation Today |date = 10 June 2013}}{{cite web |url=http://www.defenceweb.co.za/index.php?option=com_content&view=article&id=30759:paramount-takeover-of-ate-a-done-deal&catid=7:Industry&Itemid=116 |title=Paramount takeover of ATE a done deal |publisher=DefenceWeb |date=6 June 2013 |access-date=10 June 2013}}

During November 2013, Paramount Group announced that it had gained a controlling stake in ship builder Nautic Africa; it stated its intention to produce a new range of vessels, claiming it would help Africa protect against piracy.{{Cite web |url=https://www.enca.com/south-africa/world-class-naval-vessels-be-produced-sa |title=SA to produce world class naval vessels |website=www.enca.com |access-date=25 November 2016}}{{cite web |url =https://www.defense-aerospace.com/articles-view/release/3/149272/paramount-group-buys-controlling-stake-in-nautic-africa.html |title = Paramount Group Buys Controlling Stake In Leading African Shipbuilder Nautic Africa In Landmark Deal |publisher = defense-aerospace.com |date = 7 November 2013}} Two years later, the company began construction of a state-of-the-art naval production facility located in Cape Town. During September 2018, it acquired the South African boat manufacturer Austral Marine.{{cite web |url = https://australmarine.co.za/acquisition-boosts-leisure-market-for-nautic-group-2/ |title = Acquisition Boosts Leisure Market for Nautic Group |publisher = Austral Marine |date = 19 September 2018}}

During February 2014, Paramount Group announced that it had acquired Aerosud as a part of its strategy to rapidly expand its presence within the aerospace and defence markets. Shortly thereafter, the company was renamed Paramount Aerospace.{{cite web |url = https://www.flightglobal.com/civil-uavs/paramount-expands-with-aerosud-acquisition-robotics-unit-/114384.article |title = Paramount expands with Aerosud acquisition, robotics unit |publisher = Flight International |first = Stephen |last = Trimble |date = 4 September 2014}} Furthermore, around the same time frame, a new division of the company, Paramount Robotic Systems, was created with the goal of developing autonomous capabilities with airborne, land and sea applications.

During July 2014, Paramount Group and American aerospace company Boeing signed a memorandum of collaboration to develop products together across a wide range of areas, including humanitarian aid, disaster relief, anti-poaching and border protection.{{Cite web |url=http://www.janes.com/article/43330/transatlantic-strategic-collaboration-cemented-aad142 |title=Transatlantic strategic collaboration cemented [AAD142] |publisher = IHS Jane's 360 |website=www.janes.com |access-date=1 January 2017}}{{Cite news |url=http://www.iol.co.za/business-report/companies/paramount-group-boeing-signs-defence-partnership-1720306 |title=Paramount Group: Boeing signs defence partnership |publisher = IOL |access-date=30 January 2017}} Since forming this partnership, the two companies have jointly worked on several projects pertaining to aviation technologies.{{cite web |url = https://www.flightglobal.com/civil-uavs/boeing-paramount-draw-closer-but-mum-on-details/114509.article |title = Boeing, Paramount draw closer, but mum on details |publisher = Flight International |first = Stephen |last = Trimble |date = 17 September 2014}}

In March 2016, Boeing announced that it had entered into a development partnership with Paramount with the aim of producing a militarized version of the Ahrlac; Boeing's contribution to the programme reportedly includes the development of an integrated mission system with intelligence, surveillance and reconnaissance (ISR) and weapons system capabilities for the aircraft.[http://aviationweek.com/defense/week-defense-march-10-17-2016] "Boeing, Paramount Team Up to Add Weapons to Mwari." AW&ST, 10 March 2016.Atherton, Kelsey D. [http://www.popsci.com/boeing-will-arm-south-africas-weird-plane "Boeing Will Arm South Africa's Weird Plane."] Popular Science, 8 March 2016.

In April 2015, Paramount Group announced that it was in the process of taking over DCD Protected Mobility, formerly a division of South African industrial and engineering group DCD. Under the terms of this agreement, Paramount took control of its facilities located in Isando, Kempton Park.{{Cite news |url=http://www.engineeringnews.co.za/article/latest-paramount-acquisition-marks-a-major-consolidation-in-the-sa-defence-industry-2015-04-10 |title=Latest Paramount acquisition marks a major consolidation in the SA defence industry |last=Campbell |first=Keith |newspaper=Engineering News |access-date=25 November 2016}}

By 2016, the business reportedly has government clients in 28 countries across five continents. along with partnerships with numerous leading international defence and aerospace players.{{Cite web|url=http://www.aviationtoday.com/av/topstories/Paramount-Group-Acquires-ATE_79454.html#.V2AHTryPX8s|title=Avionics Magazine :: Paramount Group Acquires ATE|website=www.aviationtoday.com|access-date=2016-11-25}} At the time, Paramount Group was organised into four primary business units: maritime, combat systems, aerospace, and advanced technologies.{{Cite web|url=http://paramountgroup.com/media/1361/company-profile-web.pdf|archive-url=https://web.archive.org/web/20161022101610/http://paramountgroup.com/media/1361/company-profile-web.pdf|url-status=live|archive-date=October 22, 2016|title=Company Profile|publisher=Paramount Group|access-date=25 November 2016}}

On 20 September 2018, Italian aerospace manufacturer Alenia Aermacchi signed an agreement with Paramount Group for the latter to evaluate and develop a combat-orientated model of the former's M-345 trainer aircraft to suit the requirements of prospective African customers. It is reportedly planned for the aircraft to be updated with Paramount's Swift mission system.Hoyle, Craig. [https://www.flightglobal.com/news/articles/leonardo-eyes-african-market-for-armed-m-345-452249/ "Leonardo eyes African market for armed M-345."] Flight International, 27 September 2018.

In January 2020, the company announced the establishment of a new division, Paramount Advanced Training and Support, which consolidates the group’s existing global training, support and skills development capabilities across its land, sea and air operations.{{Cite web |title=Paramount Group launches Advanced Training and Support Division |url=https://paramountgroup.com/media/news/paramount-group-launches-advanced-training-and-support-division/ |access-date=2023-04-13 |website=paramountgroup.com}}

In January 2022, Paramount Group announced that it had appointed Steve Griessel as its group chief executive officer.{{Cite web |title=Paramount Group appoints Steve Griessel as Group Chief Executive Officer |url=https://www.paramountgroup.com/media/news/paramount-group-appoints-steve-griessel-as-group-chief-executive-officer/ |access-date=2023-04-05 |website=www.paramountgroup.com}} Prior to his appointment as the Group CEO, Griessel held the position of CEO of Paramount's US-based subsidiary, Paramount USA.

Hellenic Defence Systems (EAS) and Paramount Industries Greece announced a strategic partnership on 11 May 2023 for the indigenous production of long-range loitering munitions. Paramount said the co-development of the 'IRIX' system would help enhance Greece's defence capabilities and foster autonomy within its defence industry. The agreement also encourages the participation of other Greek companies in the production supply chain.{{Cite web |title=Greek Defence Industry Receives Major Boost Through Production of Advanced Drone Technologies in Greece |url=https://www.paramountgroup.com/media/news/greek-defence-industry-receives-major-boost-through-production-of-advanced-drone-technologies-in-greece/ |access-date=2023-06-02 |website=www.paramountgroup.com}}

On August 15, 2024, Paramount Group filed for Chapter 11 bankruptcy protection, listing assets and liabilities between $1 billion and $10 billion.{{Cite web|url= https://www.bloomberg.com/news/articles/2024-08-15/military-aircraft-maker-paramount-group-files-for-bankruptcy|title= South Africa-Founded Defense Firm Paramount Files Bankruptcy|first=Jonathan|last=Randles|first2=Antony|last2=Sguazzin|date=August 15, 2024|access-date=August 15, 2024|website=Bloomberg|language=en}}

During 2000, Paramount Group launched the first of its vehicles, the Marauder.{{cite web |url=http://www.armyrecognition.com/south_africa_african_army_wheeled_armoured_vehicle/mbombe_paramount_group_wheeled_armoured_fighting_vehicle_technical_data_sheet_specifications_uk.html |title=Mbombe Paramount Group wheeled armoured fighting vehicle technical data sheet specifications UK - Army Recognition |publisher=Armyrecognition.com |date=14 July 2012 |access-date=12 May 2013}}{{cite web |url = https://www.paramountgroup.com/about/ |title = About: Milestones |publisher = Paramount Group |access-date = 27 March 2020}} Since then, the firm has expanded its range to manufacture a variety of armoured vehicles, including the Maverick, Mbombe 6,{{cite web |url=http://articles.janes.com/articles/Janes-Defence-Weekly-2010/AAD-2010-Paramount-unveils-Mbombe-ICV.html |title=Defense & Security Intelligence & Analysis: IHS Jane's | IHS |publisher=Articles.janes.com |access-date=12 May 2013}} and Matador.{{cite web |author=ARG |url=http://www.military-today.com/apc/matador_mrap.htm |archive-url=https://archive.today/20130128174640/http://www.military-today.com/apc/matador_mrap.htm |url-status=usurped |archive-date=January 28, 2013 |title=Matador Mine Resistant Ambush Protected Vehicle |publisher=Military-Today.com |access-date=12 May 2013}}

{{reflist}}

{{commonscat|Paramount Group}}

• {{Official website|http://www.paramountgroup.com}}

{{automotive industry in South Africa}}

{{Witwatersrand companies}}

Category:Defence companies of South Africa

Category:Aerospace companies of South Africa

Category:Manufacturing companies based in Johannesburg

Category:Military vehicle manufacturers

Category:Companies based in Sandton

Category:Companies that filed for Chapter 11 bankruptcy in 2024