The parastatal has struggled with financial constraints for some time, partly blamed on wasteful expenditure and the inability to create revenue
. It suffered an annual loss of R1.96-billion for the 2019-20 financial year, leaving it unable to pay employees their full salaries. lambasted Denel for failing to give its 400 workers their full pay.
Earlier this year Denel was hit by several resignations from its board of directors after the treasury did not allocate the company any new bailout money in the 2021 budget in February. “It is critical that we are able to attract the next generation of engineers, designers, scientists and technicians,” added Hlakoane.
The interim chief executive said the merger would drive the company’s diversification of technology into existing and new markets in fields such as command and control, cybersecurity and communications, while researching and developing technologies of the future.
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