Gandel has signed an MOU with Haifa Chemicals to acquire for NIS 45 million.
The Gandel Group, owned by chairman John Gandel, has signed an MOU with Haifa Chemicals Ltd. to acquire 89.7% of Elgo Irrigation for NIS 45 million. The deal is subject to due diligence.
Elgo Irrigation makes garden irrigation products for the home and public sectors. The company’s products are sold in Israel and Europe. In 2005, Gandel, Australia’s largest private investment company, acquired 50% of Plastro Irrigation Systems Ltd. (TASE: PLSTR) and Palad Infrastructure and Pipes Ltd. for NIS 61.5 million.
Plastro chairman Uri Yogev said Gandel’s new investment was part of the company’s strategy to create an investment group in Israel’s water industry. Yogev, who is also chairman of Waterfront, a new Israeli water organization, represents Gandel in Israel. He said that Gandel would examine other investments in Israeli companies, especially in the water industry, with the aim of creating business synergy between its subsidiaries.
Published by Globes [online], Israel business news - www.globes.co.il - on March 5, 2006