Vehicle armor company Plasan Sasa, controlled by Kibbutz Sasa, is considering an IPO within a year, the “Defense News” weekly reports.
An Israeli analyst, who wished to remain anonymous until Plasan Sasa officially publishes details of its IPO, told “Defense News”, “We expect an issue in the foreseeable future at a very attractive company value, based on the company’s recent performance, and its unique opportunities for expansion.” Plasan Sasa general manager Dan Ziv said that the company was “dealing with the matter” of an IPO, but gave no details.
Ziv added that Plasan Sasa expected to meet its sales forecast of $45 million by the end of 2004. He also said that 90% of the company’s output was designed for export: 40% to North America, 40% to Europe, 10% to Asia, and only 10% in Israel, for orders by the Ministry of Defense.
According to Ziv, armor sets for vehicles, mostly trucks, make up 60% of Plasan Sasa’s products. 30% are body armor sets, such as bulletproof vests, and 10% are armor for helicopters and airplanes. Plasan has also initiated preliminary research on armor for ships, but the marine market is not part of the company’s core business at this time.
”Defense News” noted that in three years, Plasan Sasa has become the world’s largest supplier of armor sets for trucks and other vehicles. Company sales rose from $7.7 million in 2000 to $27 million in 2003, and are projected to reach $45 million this year.
Published by Globes [online] - www.globes.co.il - on August 31, 2004