Johannesburg, 24 Nov 2005
South African technology group Grintek and Sweden's Saab yesterday officially launched Saab Grintek - a high technology partnership focusing on the telecommunications, defence electronics and industrial sectors.
Local black economic empowerment group Kunene Brothers Holdings owns 29.7% of the new company, while Saab AB holds the remaining 70.3%.
Saab executive VP Kenth-Ake J"onnson, speaking at the launch of Saab Grintek in Johannesburg last night, said the partnership is in line with the Swedish group's continual drive for acquisitions and partnerships to strengthen its foothold in the world market for its equipment and products.
The decision to take a majority stake in Grintek came after a six-year relationship with the South African company, he added.
"Over the past six years we have broadened our collaboration with the Kunenes and Grintek, and buying a majority stake in the new Saab Grintek has given us access to an immensely talented team, excellent partners, world-class capabilities and technologies."
Saab Grintek chairman Zoli Kunene said the partnership opens up a new export market for SA. It is also a landmark in the group's growth from local manufacturer, with a specialised local customer base, to a strong partner within a global technology family, he noted.
"Already Grintek has established a global reputation for innovation and leadership in the technology field.
"Our insight into the African market, coupled with Saab's global footprint, is a winning combination. Our technology solutions benefit these markets way beyond our borders and have made us a competitive player in the international technology arena."
However, Kunene emphasised that Saab Grintek will continue to be a South African company, operating under South African law, with its intellectual property governed and protected by this law.
"I can also assure you that Kunene Brothers Holdings is committed to playing an active role in this partnership, as well as ensuring Saab Grintek remains at the forefront of black economic empowerment initiatives in SA."
Saab Grintek group CEO Makhup Nyama said the deal is a positive development for SA and will give the company an opportunity to grow into other markets and services.
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