The Wertheimer family has sold the Nahariya-based jet compressor and turbine blades company.
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The Wertheimer family has sold Blades Technology International Inc.to US jet engine maker Pratt & Whitney, a unit of United Technologies Corporation (NYSE: UTX). The terms and price of the transaction were not disclosed
Stef Wertheimer founded Blades Technology as Iscar Blades in 1968, after France imposed an arms embargo in the wake of the Six-Day War. It was a sister company of Iscar Ltd., which Wertheimer sold to Warren Buffet’s Berkshire Hathaway Inc. (NYSE: BRK.A). The company, which was founded to supply the Israeli Air Force with spare parts is now a multinational that provides high quality components to major OEMs around the world.
Blades Technology International’s units include Blades Technology Ltd. and Techjet Aerofoils Ltd. in Israel, Precision Component Inc. Georgia ; Xian Aero Technology Ltd. in China. Blades Technology manufactures 35-40% of all compressor and turbine blades and vanes for jet engines and industrial gas turbines in the world at its plant in Nahariya.
Published by Globes [online], Israel business news – www.globes-online.com