The manufacturer of technical plastic products, company
Plesaun Industries
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, acquires control of Galcon. The price: 60 million shekels. Falsaun is under the control of Kibbutz Ma’agan Michael (69%) and Galcon is under the control of Kibbutz Kfar Blum.
After the purchase, Plesaun will own 60% of the shares of Galcon. According to the report, 40% of the purchase, NIS 23.5 million, will be through the allocation of shares to Plesaun. The balance, 36.5, will be through the purchase of existing shares within the company.
Galcon deals in computerized irrigation solutions. It specializes in the development, production, marketing and sale of computerized systems for use in home gardens, professional and municipal gardening, agriculture and land infrastructure. Plesaun Industries is engaged in the production and marketing of pipe connection products for the transportation of water and gas. It also supplies products to the poultry industry and sanitary products. This is one of the largest companies in Israel in the plastics industry.
The report stated that the company plans to finance the transaction from its own sources. In addition, until the date of completion of the deal, it will be decided whether to finance the deal also through receiving credit from banks.
Also mentioned in the report were the financial data of Galcon. According to the financial statements of the third quarter, the company recorded a significant decrease of 50% in the net profit – 17.9 million compared to 34 million in the corresponding period last year. In addition, the company’s operating profit dropped to NIS 3.4 million (in the first six months of the year). In 2021, the company recorded an operating profit of NIS 10.5 million, so it is expected to experience a decrease this year. In 2020, the operating profit amounted to NIS 9.4 million.
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In the last year, Plesaun shares fell by 40% to a price of NIS 13.7 per share. The financial statements presented by the company in the third quarter also showed a 50% decrease in net profit in the third quarter of 2022 (17.9 million NIS) compared to 34 million shekels in the third quarter of 2021. In the first nine months of the year, the company’s net profit decreased by 37% compared to the corresponding period last year (76 million shekels). The main erosion in profits is explained by the company due to the increase in transportation costs in the last year.
The Falsaun share recorded a 37% drop this year.
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