The companies posted an aggregate profit of €600,000 on €44 million turnover in 2006.
Ginegar Plastics Products Ltd. (TASE:GNGR) has signed an MOU to buy two companies in Western Europe for 5% of its shares to the companies’ owners and a cash payment amounting to 9.5% of the average company market cap over the 30 days preceding the closing.
Ginegar said the acquired companies manufacture plastic sheeting and recycle plastic bags and industrial and agricultural sheeting. The companies posted an aggregate profit of €600,000 on €44 million turnover in 2006.
Ginegar also signed a distribution agreement with the European companies in North America, which will be carried out through another company owned by the European companies’ shareholders. Ginegar also signed a three-year consultancy agreement with the acquired companies, giving their shareholders an option to buy 5-10% of Ginegar.
Published by Globes [online], Israel business news - www.globes.co.il - on April 29, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007