Kibbutz Industry Association’s Katzir Fund has signed an MOU to acquire 50% of Paskal Technologies Agricultural Cooperative Society Ltd. for NIS 41 million. Paskal is owned by Kibbutz Yaron and Iscar Ltd. honorary chairman Steff Wertheimer. Katzir Fund managing partner Shaul Ashkenazi, will be appointed chairman of Paskal. A member of Kibbutz Maagan Michael, Ashkenazi is the former chairman of Plasson Industries Ltd. (TASE: PLSN).
Based at the Ma’alot Tarshiha industrial park, Paskal develops, produces and markets agricultural products for vegetable, fruit and grape vine hothouses. The products are designed to save labor, boost productivity, and improve crop quality. Most of the company’s revenue is from exports, mainly to the US, Canada, Mexico, Spain and France.
The Katzir Fund was founded by chairman Rami Mandola and Harel Insurance Investments Ltd. (TASE: HARL), First International Bank of Israel (TASE: FTIN1;FTIN5) and private investors. The fund invests in shares and securities of kibbutz-owned industrial enterprises and real estate ventures.
Published by Globes [online], Israel business news - www.globes.co.il - on September 13, 2006
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