Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, announced the appointment of Netafim president and CEO Erez Meltzer as CEO. Meltzer will replace Pinchas Cohen, who resigned a few days ago. Meltzer’s appointment will be submitted to Africa-Israel’s board for approval.
Netafim Ltd., which invented drip irrigation 40 years ago, has subsequently specialized in irrigation systems. The company has doubled sales from $200 million to $400 million, and returned to double-digit growth. The company has 12 factories worldwide, and 35 subsidiaries, most of them wholly owned. Netafim has over 2,000 employees, has won global recognition, and is considered a global leader in its field.
Markstone Capital Partners Group LLC and Tene Investments acquired 20% of Netafim last month. The company held another meeting today ahead of a planned flotation on Wall Street. Meltzer was behind this plan, decided on recently.
Before serving at Netafim, Meltzer was president and CEO of Creo Scitex, and was responsible for the merger of the two companies. He was the first CEO of the merged company, which had 4,000 employees and $700 million in sales.
Meltzer studied mathematics, economics and business administration at Hebrew University of Jerusalem and Boston University. He completed advanced business administration courses at Harvard University.
Leviev said, “During his terms as CEO of Netafim and Creo Scitex, Erez proved his leadership, determination and vast and rich experience. I believe that, together with Africa-Israel’s management, employees, and me, we can move the group forward to years of success.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 14, 2006
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