Yokneam, Isreal – Pelmar Engineering Group subsidiary TGL SP Industries Ltd has signed a definite agreement to acquire the business and assets of Autolife Industries Ltd, Pelmar has announced.
Autolife Industries of Hod Hasharon is Israel's leading manufacturer and supplier of diaphragms for the water industry, the Israeli group said in a 27 Dec written statement to ERJ.
The company, added Pelmar, has 35 employees and also produces diaphragms for the automotive, industrial and agricultural industries.
According to the parent group, the acquisition – for an undisclosed amount – will bring a range of complementary manufacturing services and products to TGL.
The deal, which was approved by Pelmar's board of directors in October 2018, has obtained all the permits on the authorities, Pelmar further stated.
"Autolife range will increase substantially TGL's capabilities and presents in the civil market, which is our long range planning" said Tal Dekel, TGL's CEO, and president of Pelmar Group.
Most of the equipment and facilities have already been moved from Hod Hasharon to TGL's plants in Yokneam, in the north of Israel.
Trial production is already in process and full production will be assumed before the end of January.
"Two thirds of the employees will continue to work at TGL, which insures that there will be no loss of technology and knowhow," said Dekel
TGL is a manufacturer of rubber compounds for metal bonding products for the defence and commercial industries. Its portfolio includes products for suspension systems, road wheels, sprocket wheels and track shoes.