Mul-T-Lock is about to enter new South American markets, as part of its plan to expand its international business by 30% to $9 million this year.
Mul-T-Lock plans to penetrate the market with its satellite locating system for vehicles using cellular telephones, vehicle protection and sophisticated alarm systems, to be sold to cellular companies; security doors, and monitoring centers for vehicle fleet management services.
Mu-T-Lock chairman and CEO Abraham Bahri told “Globes” on Tuesday that the company’s technology did not require the use of ground antennae, and was in high demand in new markets in Latin America.
Bahri said he had been negotiating deals for the past two years, and had recently concluded agreements with Honduras, Venezuela, Brazil, Mexico, and the Dominican Republic in Latin America; Nigeria and Kenya in Africa; and Poland, the Czech Republic, Romania, Hungary, Russia, and the Ukraine in Eastern Europe.
Mul-T-Lock’s strategic goal is to expand its exports to 50% of its total sales within three years. The company currently exports less than 10% of production. The company expects $9 million in sales in 2003, mostly by marketing its Skylock satellite locating systems.
Published by Globes [online] - www.globes.co.il - on May 1, 2003