Chromat, a manufacturer of thermal solutions for metals, posted NIS 22 million in revenue for January-October 2005.
Marathon Venture Capital Fund (TASE:MARA), which recently announced a change in policy from investing in capital to investing in industry, has announced its first deal. Marathon announced the acquisition of Chromat Ltd., a manufacturer of thermal solutions for metals, for NIS 30 million.
Chromat posted a pretax profit of NIS 1.2 million and a gross profit of NIS 6.1 million on NIS 22 million in revenue in 2004. Its equity was NIS 15 million. The company posted NIS 22 million in revenue for January-October 2005, indicating that it will probably have double-digit growth in its top line. Founded 46 years ago, Chromat has 50 employees at its 3.7-dunam (0.9-acre) site in the Holon industrial zone. The company will continue to pay its current managers €360,000 a year in consultancy fees under a non-competition agreement.
Chromat has 1,000 industrial customers, mostly outside Israel. Its customers are in the vehicle, aviation, defense, aluminum, and solid metals industries.
Published by Globes [online], Israel business news - www.globes.co.il - on November 6, 2005