Sources inform ''Globes'' that Advanced Vision Technology Ltd. (XETRA: VSJ) (AVT), one of the two Israeli companies traded on the Frankfurt Stock Exchange, is up for sale to a German competitor. The Hod Hasharon-based company is traded at a market cap of $77 million, after a 9% rally in its share prices since the beginning of the year.
AVT develops automatic inspection systems for web applications for labels, packaging and printing. The systems help packaging and label manufacturers and their customers, such as food and drug companies, ensure that the labels are flawless in barcode, color, text, and other details, guaranteeing that the labels and packaging match the contents.
AVT's largest investor is George Horesh through Union Investments (formerly Ronin Investments), with a 40.4% stake. There is no other party at interest in the company. Horesh is also the owner of Toyota and Lexus importer Union Motors Ltd. He bought his AVT stake in 2008 for $45 million, mostly at €7.10 per share. The current share price is €8.50 per share, after falling to a low of €3.90 in October 2012.
AVT's revenue rose 8.8% to $13.4 million for the first quarter of 2014 from $12.3 million for the corresponding quarter of 2013, and net profit rose to $944,000 from $917,000.
AVT and Union Investments declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2014
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