Upbeat Pelmar targets conveyor-belts acquisition

ERJ staff report (PR)

Pelmar Group is looking to acquire a conveyor belt production and distribution business in order to reduce its dependence on the military sector.

The Israeli group, which is led by CEO, Hagai Peled, is also planning ‘several improvements’ between 2014 and 2015, including an increase in its engineering activities.

Pelmar signalled its intentions in a consolidated results announcement showing that it had registered a profit of almost $800,000 (€582,000) in 2013.

This was, it said, despite forecasts indicating just ‘breakeven’ due to a global slowdown in tire production and vehicle distribution during the first half of 2013.

The now fully-owned TGL SP Ltd. - a Yokneam, Israel-based manufacturer of rubber compounds for metal bonding products for the defence and commercial industries - contributed to the better-than-expected result.

Pelmar bought out TGL co-owner Elbit Systems Ltd’s stake in the company on 31 Dec 2013.

"The year 2014 looks rather promising at the moment" commented Jacob Peled, Pelmar Group executive chairman, in the company statement.

Pelmar supplies pre-owned and new machinery and offers consulting and training, production line relocation and logistics handling support services.