Dagami to get tens of millions of dollars for Union Motors stake

In recent years, Toyota has been one of the top three selling brands in Israel.

7 July 05 16:47, Dubi Ben Gedalyahu

George Horesh is expected to pay his former partner, Ezra Dagami, tens of millions of dollars for the latter’s stake in Toyota importer Union Motors Ltd. Vehicle industry sources believe that Dagami, a partner in the company since it was founded in the early 1990s, owns 15-20% of the company.

In addition to the import agency, Union Motors also owns a number of real estate properties, including Toyota House on Yigal Alon St. in Tel Aviv. Vehicle industry sources estimate the value of the company at $300-400 million. The sources believe that a large part of this value consists of accumulated cash reserves from profits, since the company’s shareholders have steadily avoided taking dividends in recent years.

In recent years, Toyota has been one of the top three selling brands in Israel, with double-digit growth in sales every year.

Published by Globes [online], Israel business news - www.globes.co.il - on July 7, 2005