by Charles Forrester
South African armoured vehicle designer and manufacturer OTT Technologies has acquired LMT, which has been in business rescue since September 2019.
The acquisition closed in July, OTT Technologies business development manager Chris Gildenhuys told Janes on 5 August. The value of the acquisition is not being disclosed at this time.
According to Gildenhuys, the acquisition of LMT Products “is a strategic move for OTT Technologies to expand on its own range of proven mine-protected armoured vehicles”. LMT designs and manufactures a variety of protected products, ranging from protected cabs for Mercedes Benz to the LM8 and LM13 vehicles.
The LMT Products division of OTT Technologies will, for the foreseeable future, continue to operate under the LMT Products brand and the vehicles will retain their respective designations. The merger will obviously bring about branding and structural changes in future. The first priority is to get the LMT division back on track in as far [as] the personnel component, manufacturing, and sound day-to-day management,” Gildenhuys said.
When LMT went into business rescue there were still some incomplete contracts, including one with a Middle Eastern customer, Gildenhuys added. That particular contract will now be honoured and completed.
Denel had been the majority shareholder of LMT Holdings since it acquired its stake in 2012, with the underlying business with LMT Products. LMT Holdings was 51% owned by Denel, 29% by Pamodzi, and 20% by the founding members, and included LMT Products, LMT Engineering, and LMT Properties.
https://www.janes.com/defence-news/news-detail/ott-takes-over-lmt
