A.C.E., Electra Appliances' French subsidiary in the field of air-conditioning, will pay $5 million.
A.C.E., Electra Appliances' wholly owned French subsidiary, has signed an agreement in principle with Greek air-conditioning company Interclima, to acquire 85% of the company for $5 million.
Electra Appliances general manager Eliezer Ben-Moshe said that Interclima is the second largest company in Greece in its sector, and through it, Electra plans to expand its share in the European market.
A.C.E. manufactures and markets air-conditioners, including central air-conditioning systems, and has recently acquired ownership of another French manufacturer. Ben-Moshe says that acquisition of Interclima will therefore widen Electra's product range in Europe.
Interclima exports a large part of its products to Balkan and West European countries, which will increase Electra Appliances' marketing capability.
Published by Israel's Business Arena on 22 May, 2000