Amiad CEO Arik Dayan said, “This is a defining moment for our company."
Water filter and filtration system developer Amiad Filtration Systems Ltd. (AIM:AFS) Filtration Systems (LSE: AFS) has completed the acquisition of Arkal Filtration Systems from Arkal's existing shareholders, Kibbutz Beit Zera, including its affiliated corporations, and Bermad Industries, owned by Kibbutz Saar and Kibbutz Evron.
The agreement was finalized following bank approval. Amiad will pay $10 million in cash and issue new ordinary shares, equal to 14.5% of Amiad’s issued share capital (on a fully diluted basis).
Amiad CEO Arik Dayan said, “This is a defining moment for our company, establishing our position as a global leader in the water filtration market.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 2, 2010
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