Shlomo Shmeltzer dies

Shlomo Shmeltzer

The businessman, 68, controlled Israel's largest leasing company and Sonol.

Israeli businessman Shlomo Shmeltzer has died unexpectedly aged 68 in Tel Hashomer Hospital after suffering a brain hemmorhage. Married with three children he lived in Savion.

Shmeltzer was the controlling shareholder in S. Shlomo Holdings Ltd. (TASE:SHLD), which owned Shlomo SIXT, easily Israel's largest vehicle leasing and rental company with a fleet of 75,000 vehicles, more than double that of its closest rival. He also owned Israel Shipyards, Afcon Group and other industrial and real estate companies.

Last month Shmeltzer acquired the Sonol gas station chain from Azrieli Group Ltd. (TASE: AZRG) unit Granite Hacarmel Investments Ltd..

His son Asi Shmeltzer who serves as CEO of Shlomo Group said, "We are pained and stunned by the sudden death of our father. Shlomo was loved and esteemed by his family, his partners and his thousands of employees. I am sure we will know how to continue and lead his work and the overall activities of the Shlomo Group of companies."

Shmeltzer was a self-made man who acquired loss making enteprises and turned them around with his tough negotiating skills and shrewd business sense. He bought the SIXT leasing company in 1996 when it was making a loss and built it into a thriving business. He bought Afcon from the receiver for Feuchtwanger Industries for just NIS 30 million in 2003.

Published by Globes [online], Israel business news - www.globes-online.com - on July 8, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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Shlomo Shmeltzer
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