Davidson is acquiring 17% of water management solutions company Arad.
US Jewish businessman Bill Davidson is expanding his holdings in Israel and is reportedly acquiring 17% of water measurement and management solutions company Arad Ltd. (TASE:ARD) at a value of $120 million. The company is currently controlled by Kibbutz Dalia and Kibbutz Ramot Menashe, which each own 38.15%.
Davidson is president and CEO of Guardian Industries, a producer of float architectural and fabricated glass, and is the controlling shareholder in Phoenicia America-Israel (Flat Glass) Ltd.. He acquired his stake in Arad through his private equity fund Milestones, which he jointly owns with former Manufacturers Association president Oded Tyrah, and Ron Tyrah.
Arad was listed on the Tel Aviv Stock Exchange in 2004 and currently has a market cap of NIS 475 million. It sells 85% of its products to overseas markets in more than 60 countries, and currently employs 530 people, 10% of them in R&D.
Published by Globes [online], Israel business news - www.globes.co.il - on November 5, 2007
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