The company produces cutting tools. Wertheimer: We are at the due diligence stage. This is a strategic step to expand the company’s activity in South East Asia.
Iscar is at an advanced stage of negotiations for the purchase of KTC, a subsidiary of one of the largest concerns in South Korea. The company produces cutting tools from hard metals, which is identical to Iscar’s activity at its Tefen factory.
The company’s sales amount to $80-100 million annually. Its value is estimated at $150 million, though Iscar president Eitan Wertheimer told "Globes" that, at this stage, due diligence examinations are being carried out, and a value will be determined for the company only when they are concluded.
Wertheimer said that this was a strategic step to expand the company’s activity in South East Asia. If the deal goes ahead, the Korean company will become the centre of Iscar’s activities in this region. Wertheimer estimated that the negotiations would continue for several more weeks.
Published by Israel's Business Arena March 5, 1998