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(Formerly Tadir-Gan) reports on a non-binding memorandum of understanding for the acquisition of control (55%) in the Lorden company for NIS 13 million. This, along with a conditional consideration of up to NIS 8 million in accordance with the company’s results in the next three years.
Lordan, wholly owned by Kibbutz Kfar Szold, designs and manufactures heat exchangers for air conditioning and cooling, and designs and manufactures cooling and heating systems, condenser batteries and evaporator batteries. The company’s revenues in 2021 amounted to NIS 71 million, and net profit was NIS 4.3 million. The company owns two production sites in Israel and one in the United Kingdom, as well as front warehouses serving customers in Europe, the United States, Australia and Asia. The company’s main plant is located in the village of Szold, and covers an area of 12,000 square meters.
As part of the deal, NIS 10 million will be paid in cash against the allocation of participation rights in the Lord (the proceeds will go to the Lord’s Fund), and an additional NIS 3 million will be paid to the existing rights holders in the Lord. In addition, the agreement also stipulates a contingent consideration in the amount of up to NIS 8 million, which will be paid to the existing rights holders in Lord as a derivative of Lord’s financial results in the years 2022-2024. The agreement also provides for a mechanism that regulates a majority of TGI’s representatives on the Lords Board of Directors.
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Eran Tibon, CEO of TGI“Lorden is one of the oldest and highest quality collective companies in Israel. The company’s products meet the most stringent international quality standards, and they provide the best solution for companies in the industrial, communications and transportation industries in terms of complex heating and cooling needs. “TGI and the Brin-DBSI Group will enable the company to make new achievements. The latest deals we reported join an agreement we recently signed with a new customer to supply Audi’s electric vehicle assemblies in a deal valued at about $ 15 million, so TGI is now positioned for further growth.”
Hiki Davidov, chairman of Kibbutz Kfar Szold“Lorden has been a major and significant business activity in Kibbutz Kfar Szold for many years. Many of the kibbutz members have worked or are still members of its employees. “Larden for an immediate investment of NIS 10 million, which will go into the company’s coffers and be used to continue investments for the company’s development and growth. TGI’s investment is an expression of trust in the kibbutz as a partner, company, management and employees.
The acquisition of control of Lorden, comes against the background of the company’s name change, as part of a new strategy led by its management. Last month, the company reported that it had entered into an agreement to acquire Tamash Metal and Electric Industries in exchange for NIS 51.5 million in cash and an allotment of 16.4% of its shares. Tamash is engaged in the development, production and marketing of electrical cabinets, auxiliary equipment for electrical panels and various metal products. The company’s products are mainly intended for the industrial and construction sectors.
The deal to acquire Tamash Metal and Electrical Industries and the Memorandum of Understanding to acquire control of Lorden join the traditional activity of TGI – manufacturing and marketing magnesium assemblies for the automotive and electric vehicles industry using Ortal Magnesium Castings (100%). Based on 2021 data, the aggregate turnover of the three activities (existing and acquired) of the TGI Group amounts to approximately NIS 220 million.
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