FIMI buys Inrom Industries

FIMI CEO Ishay Davidi: We have $1 billion available for investment.

First Israel Mezzanine Investors Fund (FIMI) is buying out its partner Inrom Industries Ltd. from Greenstone Industries Ltd. (TASE: GRTN) for NIS 105 million. FIMI will now fully own Inrom, a manufacturer of paints, polymer insulation materials, construction materials and finishings, marble products, and steel for use in the Merkava tank.

FIMI CEO Ishay Davidi said, "The investment in Inrom at the height of the crisis is based on FIMI's great confidence in the company's management under CEO Eldad Ben-Moshe, as well as in the company's great potential. Although we believe that the crisis is still at its height, FIMI is prepared to pursue its investment policy. FIMI has $1 billion available for investment."

In a notice to the TASE today, Greenstone said that the deal to sell its 50% stake in Inrom to Emilia Development (OFG) Ltd. (TASE:EMDV) had been cancelled.

Inrom predicts that it will report a net profit of NIS 30 million on NIS 1.1 billion revenue in 2008. The company posted a net profit of NIS 24 million on NIS 1 billion revenue in 2007.

Greenstone's share fell 3% by midday to NIS 1.91.

Published by Globes [online], Israel business news - - on November 26, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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