Israeli private equity firm FIMI Opportunity Funds, founded and headed by Ishay Davidi, is selling Haifa-based precision machining and assembly company H. R. Givon Ltd. to Indian company Wipro Infrastructure Engineering, a unit of Wipro Enterprises Ltd., for NIS 300 million. FIMI bought Givon in 2008 for NIS 70 million.
Givon develops, produces and sells precision components for the aviation industry, mainly titanium products. The company is able to supply products directly to aircraft assembly lines, and covers all stages of development and manufacture. It has two production sites in Israel and one in Seattle in the US.
Among Givon's customers are Boeing, Israel Aerospace Industries, Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT), and Rafael Advanced Defense Systems Ltd.. The company has long term contracts with these companies, including for the supply of components for the new Boeing 787. It employs about 270 people in Israel and the US.
The company says that its business has been substantially enhanced since 2008. Two new plants have been constructed in Israel, and a company in Israel and one in Seattle have been acquired. Givon has become a company supplying products to leading aircraft manufacturers around the world. The process was led by Givon chairman Gillon Beck, a senior partner at FIMI, and its CEO Ronen Givon and the rest of the management team.
Wipro is a giant Indian concern employing hundreds of thousands of people. It has an industrial division that specializes in hydraulics and aviation. India is Israel's largest defense export market.
Published by Globes [online], Israel business news - www.globes-online.com - on August 2, 2016
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