Yet another Israeli home grown company has been sold to Asian investors.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
The Singapore based holding company, Kusto Group, has acquired Israel’s Tambour Paints from its parent company, the Azrieli Group, for a reported $144 million. According to a statement released by Azrieli, it received $20 million upon the signing of the deal. Azrieli Group anticipates a $50 million net profit on the sale of Tambour.
The Azrieli Group has decided to concentrate solely on its core business, real estate, and as such has been divesting itself of all of its non-real estate holdings, such as Tambour.
This marks yet another major foreign investment in Israel, after the sale of its major dairy concern Tnuva to China. While foreign investment is generally a good thing for a small economy like Israel’s, not every Israeli is happy to see its companies bought out by foreign investors.
Founded in 1936, Tambour is Israel’s largest paint manufacturer and exporter. Its sales topped 110 million Euros in Europe. Based in Netanya, i specializes in the production and marketing of decorative and industrial paints.
Founded in 1982 and named for its owner, Canadian developer David Azrieli, Azrieli Group is an Israeli real estate and holding company. It primarily operates in the development and management of shopping malls and office buildings in Israel. It owns13 shopping malls in Israel, with about 720.000sqm. Azrieli Group is listed on the Tel Aviv Stock Exchange.
Headquartered in Singapore, the Kusto Group is a private holding company with diversified investments in construction materials manufacturing, oil and gas production, energy, development, civil construction, venture/IT and agriculture.
It has a presence in three continents, including Vietnam, China, Thailand, India, Russia, Kazakhstan, Ukraine, Turkey, Georgia and Canada.