Iscar Ltd., one of Israel’s largest companies, was founded as a private company and has never raised capital on the Tel Aviv Stock Exchange (TASE). Iscar honorary chairman Stef Wertheimer has owned the company since he founded it over 30 years ago.
Iscar manufactures metal cutting tools, and reportedly had over $1 billion in sales in 2005. The company’s value was estimated at $2.5 billion at the beginning of 2005. The Wertheimer family’s fortune is estimated at over $3 billion. The family’s main holdings are Iscar and Blades Technology Ltd.
In addition to these two companies, Stef Wertheimer and his son Eitan have invested in dozens of Israeli high-tech and medical devices companies, including Micro Tools Ltd.. Founded in 1981 and based at Tefen, Micro Tools has tens of millions of dollars in exports. Its customers include leading computer, electronics, and optics manufacturers, such as IBM (NYSE:IBM) and Motorola (NYSE:MOT).
Stef Wertheimer also owns 50% of Nahariya-based Lachmi bakery, founded by his first wife and mother of his children, who passed away many years ago. Other Wertheimer holdings include Powder Coating Composites Ltd. and Netzer Precision Motor Sensors Ltd..
Eitan Wertheimer’s investment arm, Microdent Ventures has invested has invested in start-ups Comsys Communications and Signal Processing Ltd., ExaNet Ltd., and HyperRoll Inc.. He is also a shareholder in Orsus Solutions Ltd. and has invested in OrthoScan Ltd. and dozens of other companies.
Iscar, known internationally as Industrial Metalworking Companies (IMC) currently has three core companies with over 60 subsidiaries worldwide. IMC has over 5,000 employees, including 1,500 in Israel.
IMC’s main company, Iscar, has dozens of branches and manufacturing plants in other countries. Iscar’s subsidiaries include an Italian company that makes diamond cutting tools, as well as companies in Germany and France.
The second arm, TaeguTec Co. has a huge plant in South Korea, and a joint venture with Hindustan Aeronautics Ltd. (HAL) in India that makes aircraft engine components.
The third arm, Ingersoll Cutting Tools has a factory in Germany for the European market and another in Frankfort, Illinois, for the US market.
Published by Globes [online], Israel business news - www.globes.co.il - on May 7, 2006
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