Electra Consumer Products reportedly also signed a $4 million two-year contract with Stiebel Eltron.
Sources inform “Globes” that Electra Consumer Products (TASE:ELEK) will manufacture air-conditioning systems for Bosch und Siemens Hausgeräte (BSH), Germany’s leading consumer appliances manufacturer.
Under the agreement, Electra will manufacture air-conditioners under the BSH brand name, considered number one in Europe. The two-year contract signed last week is worth $6 million.
Electra reportedly also signed a $4 million two-year contract with Stiebel Eltron, another German company.
In response, Electra senior VP marketing and business development Michael Sessler told “Globes” that Electra would continue to market its products in Germany under its Electra and French Airwell Air Conditioning labels.
Electra published its first quarter results two weeks ago, reporting a NIS 3.9 million net profit on revenue of NIS 546.3 million, compared with a NIS 3.25 million net profit on revenue of NIS 429.8 million in the first quarter last year.
Published by Globes [online] - www.globes.co.il - on May 28, 2003