Paramount Strikes Cooperation Tie-Up with ST Kinetics
PARIS — South Africa’s Paramount Group has struck a collaborative deal with ST Kinetics that will see the two companies join forces marketing armored vehicles and other equipment in Asia and Africa.
Paramount’s executive chairman Ivor Ichikowitz said the two companies had agreed a pact to jointly market a range of products in their respective regions.
The deal is centered on the armored vehicles capabilities of the two sides, but Ichikowitz said it will also include marketing other ST Kinetics products and systems in Africa.
“We have a reciprocal agreement to put their products into Africa and not just in the armored-vehicles sector. ST Kinetics also has a number of interesting subsystems we want to develop,” the Paramount boss said.
Further details on the scope of the tie-up are likely to be revealed at a South African defense show later this year, Ichikowitz said.
Paramount is a privately owned company producing a range of wheeled armored vehicles such as the Mbombe 6×6 , the Marauder 4×4 and the Maverick internal security vehicle. The company also has aerospace and maritime interests.
Ichikowitz said the Paramount range of wheeled vehicles dovetails well with the tracked capabilities of ST Kinetic on machines such as the Terrex 8×8 and the Bronco all-terrain armored platform.
“ST Kinetics has been looking to grow significantly outside their own traditional markets but have been constrained because they didn’t have a complete product range,” he said. “It’s a good move for us too. For the last couple of years, we have been pursuing global expansion into regions like Asia where we believe our experiences of peacekeeping in Africa and elsewhere has relevance.”
The deal will see the partners cooperate on marketing, manufacture and support and is likely to extend into joint development of new technologies.
“It’s a collaboration agreement at the moment, but the arrangement has the flexibility to morph into whatever is required to achieve success for both organizations,” Ichikowitz said.
The Paramount boss said the deal with the Singaporean-based company could be a template for other regional tie-ups.”We are talking to a number of potential partners in Latin America, Eastern Europe and the Middle East,” he said.
The South African group already has a partnership in Azerbaijan where it co-produces armored vehicles with the Ministry of Defence. The company has also previously announced tie-ups with companies in India and Abu Dhabi.