Altron TMT to rise from Altech
JSE-listed Allied Electronics has announced the management structure of its new division, Altron TMT (Telecommunications, Multimedia and Information Technology), which will be formed from the ashes of the soon-to-be delisted Altech.
The division will be created following the operative date of the acquisition of the minority shares in Allied Technologies Limited (Altech).
On Friday, 26 July 2013, Altron announced that its offer to acquire the shares in Altech – at a value of R1.8 billion – had been approved by the Altech minority shareholders following a General Meeting.
The move was widely anticipated by the market following a poor run of results from Altech. The company is expected to delist from the Johannesburg stock exchange on 20 August 2013.
Altron will, following the operative date, own 100% of Altech along with its other two 100% owned subsidiaries IT giant, Bytes Technology Group Pty Limited (Bytes) and power electronics group, Power Technologies Pty Limited (Powertech).
The Altron TMT division will comprise of both the Altech and Bytes businesses although these two businesses will continue to exist as separate entities maintaining their well established brand identities.
“As a result of increasing convergence between the IT and Telecommunications sectors we were starting to see many opportunities for Altech and Bytes to work closer together,” said Altron CEO, Robbie Venter.
“Following the acquisition of Altech by Altron, it is now possible for us to maximise synergies and eliminate overlap between the Altech and Bytes groups by bringing them together in the Altron TMT division.”
“It has become necessary to streamline the operations and put forward the best possible combination of products and services to our clients. We see opportunities for both revenue enhancement as well as cost efficiencies in the new structure.”
New management structure
The Altron TMT division will be led by Craig Venter who has been appointed to the position of Altron Group Executive: TMT with strategic and operating responsibility for maximising the synergies between the Altech and Bytes businesses.
Craig Venter will continue to fulfil his existing role as Altech CEO while Rob Abraham, currently CEO of Bytes, will remain in that position reporting to Craig Venter.
Peter Riskowitz, current CFO of Bytes, will assume the role of Altron TMT: CFO reporting to Craig Venter.
In addition to the Altron TMT appointments, Dr. Willie Oosthuysen, previously Chief Technology and Chief Strategic Officer at Altech has been appointed as Altron Group Executive: Technology and Strategy reporting to Robert Venter and joining the Altron Executive Committee.
More on Altron and Altech
Altech acquisition gets nod of approval
Altech delisting expected in July
Altron to take full control of Altech
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