Tag Archives: Ahrlac
Future of AHRLAC secured as Business Rescue nears completion
This is in line with the business rescue plans adopted by affected parties in October 2019, pursuant to which Paramount Aerospace Industries acquired the businesses of ADC and its subsidiaries in terms of the relevant business rescue plans, which included the sale of the businesses and assets of ADC and its subsidiaries, as well as the assumption of certain liabilities of these entities in accordance with the respective business rescue plan.
As the Business Rescue Plans have now been adopted, the newly formed Paramount Aerospace Industries will bring new management with a wealth of aerospace engineering and aviation industry experience to the programme. The state-of-the-art factory at Wonderboom Airport has been operational for several months under Paramount’s stewardship, with manufacturing being ramped up to ensure the timeous delivery of aircraft to customers around the world. Approximately 85% of the original staff of ADC have been retained.
Paramount has provided and facilitated significant capital as part of these business rescue processes in the form of both post commencement funding, working capital, capital investment and the assumption of liabilities and loan repayments, in accordance with the provisions of the respective plans. Further capital will be injected into the business over the coming months to support both marketing initiatives and manufacturing.
Alison Crooks, CEO of Paramount Industrial Holdings stated: “This is great news for the future of the aircraft, for Paramount, for the South African Aerospace industry, as well as for the global aircraft market. Paramount’s decision, more than a decade ago, to fund the development of the AHRLAC aircraft was a matter of national pride and came at a time when the local aerospace industry was searching for a project that would invigorate the sector. Our passion for the country and for innovation is reflected in the direct investment of almost R1 Billion into the project. We are grateful that this strategic programme is now secured and that we can focus on a brighter future. We are delighted to have retained most of the employees who worked on the AHRLAC programme for years and to have created employment for many capable people through our efforts.”
The aircraft addresses a key global security requirement by performing missions that previously required several different aircraft. It integrates designs from helicopters, surveillance platforms and reconnaissance aircraft, with the ability to carry multiple systems, such as surveillance radar and electronic systems.
Crooks added: “We are very excited about our new management team, made up of leading experts in aircraft engineering, industrialisation and production, who are focusing on the manufacturing of the aircraft and its delivery to customers. We have been encouraged by the global interest in the aircraft and we look forward to making further new customer announcements in the near future. We would like to thank all of our employees who have stood by us and have demonstrated that the resilience, innovative spirit and can-do mentality of South Africans is as strong as ever.”
The aircraft is a smart, innovative ‘command centre in the sky’ that integrates some of the world’s most advanced Multi-Function-Displays, Electro Optical Systems, Electronic Intelligence gathering and compact sensors available in the world today. AHRLAC is purpose-built to be infinitely reconfigurable. This allows the application of the aircraft in multiple roles and missions in response to diverse customer requirements around the world.
The AHRLAC aircraft will be manufactured in South Africa at the state-of-the-art factory on the Paramount Aerospace Campus in Wonderboom, north of Pretoria. This facility is a vertically integrated operation that uses latest-generation machines to fabricate all airframe components and sub-systems directly from a digital model. All fabricated components are brought together with the engine and avioinics on the final assembly line which produces an aircraft ready for flight.
In keeping with Paramount Group’s well-established portable production model, the aircraft could, depending on customer requirements, also be exported in kit format for final assembly in customer countries.
Paramount restated its committed to continue its investment in South Africa, in order to build a strong, sustainable aircraft and aerospace systems capability in the country, and this transaction supports this objective.
Leidos, Paramount USA, and Vertex Aerospace team up to pursue U.S. Special Operations Command Armed Overwatch prototype program
(Reston, Va.) May 4, 2020 – Leidos (NYSE:LDOS), a FORTUNE® 500 science and technology leader, today announced a teaming agreement with Paramount Group USA and Vertex Aerospace to pursue a new contract to deliver the Bronco II, a new purpose-built, multi-mission aircraft. The aircraft will support the U.S. Special Operations Command’s Armed Overwatch program.
This strategic relationship, with Leidos as the prime contractor and Paramount and Vertex as primary teammates, will combine decades of experience integrating, manufacturing, and delivering cutting-edge airborne solutions to the warfighter.
The Bronco II is a rugged, affordable, and sustainable multi-mission aircraft that will be manufactured in Crestview, Fla. The Leidos offering is built to meet the specific needs of U.S. Special Operations Command.
“Leidos has a long history as a premier provider of airborne solutions,” said Gerry Fasano, Leidos Defense Group president. “The Bronco II demonstrates our commitment to providing the best-of-breed in technology, as well as our agility in meeting the needs of our country’s national security missions. This offering will leverage each company’s expertise to deliver cost-effective innovations for the warfighter.”
“Our collaboration with Vertex and Leidos will present best of capabilities for what will undoubtedly be a critical program to enable U.S Air Force Special Operations Command to deal effectively with the challenges and rigors of modern day asymmetrical warfare,” said Steve Griessel, CEO of Paramount Group USA. “The Bronco II was designed specifically for asymmetrical warfare and will operate at a fraction of the procurement and lifecycle costs of an aircraft with similar mission applications and capabilities.”
“We are proud to team with Leidos and Paramount, as we share a commitment to deliver affordable state-of-the-art capabilities to combat the challenges posed by modern, multi-domain operations,” said Ed Boyington, Vertex Aerospace CEO and President. “With a long track record of delivering excellence to our customers, we look forward to producing and supporting the purpose-built Bronco II aircraft and weapons system as a transformational tool for our warfighters.”
Visit www.bronco-usa.com
About Paramount Group USA
Headquartered in Dallas-Ft. Worth, Paramount Group US Inc. is the U.S. entity of the Paramount Group, the global aerospace and technology company, providing fully integrated and turn-key air, maritime, and land solutions. Paramount Group USA is also the parent company of Paramount Aerospace Systems USA, its wholly-owned US subsidiary. Since its inception in 1994, Paramount Group has built strong relationships with governments in more than 30 countries around the world. It is a leading innovator in the design and development of state-of-the-art technologies that it manufactures in locations globally. Please visit paramountgroup.com/usa or follow us on Twitter.
About Vertex
Vertex Aerospace offers a global capability and complete solution for aftermarket aerospace services for government and commercial customers. The Company’s international presence and vast range of services has distinguished itself from competitors for over 45 years. The Mississippi-based company operates in over 100 locations worldwide and is proud to have a 50 percent veteran employee rate. Information about Vertex can be found at vtxaero.com.
About Leidos
Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world’s toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company’s 36,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Va., Leidos reported annual revenues of approximately $11.09 billion for the fiscal year ended January 3, 2020. For more information, visit leidos.com.
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in the company’s Annual Report on Form 10-K for the period ended January 3, 2020, and other such filings that Leidos makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
