Unsuccessful agreements led to the sale of the company, which develops control systems for airports.
Transtech Control Ltd. has been acquired by the airport lighting division of US company Cooper Crouse-Hinds LLC for about $4.75 million. The Israeli company, which develops control systems for airports worldwide, was established in 1983 and over the years has attracted some $50 million in investments.
Transtech's systems are used by 150 airports worldwide. But the company has recently encountered financial difficulties due to a series of unsuccessful agreements and was recently granted a stay of proceedings in court after accumulating debts of NIS 38 million. Among investors are First Israel Mezzanine Investors Fund (FIMI), Giza Venture Capital, Formula Vision Technologies Ltd. (TASE: FVT), 3i Group plc (LSE: III), Bassini Playfair Wright LLC, Kardan NV (TASE: KRNV;AEX:KARD) unit Kardan Technologies Ltd., which wrote off its $4.75 million holding in the company.
Published by Globes [online], Israel business news - www.globes-online.com - on December 17, 2008
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