Keter Plastic, an Israeli company that produces home and garden plastic products, is not doing so well, even now that the world is coming out of the Covid recession. The company reported that it lost 35.3 million Euros ($40 million) in the third quarter of 2021. This was revealed in Keter’s revised public offering prospectus.
This was about twice the loss for the same quarter in 2020. But Keter’s revenues were up by 20% over Q3 2020.
In September the company filed the forms with the SEC ahead of a planned initial public offering IPO on the New York Stock Exchange NYSE. At the time Keter Plastic said that it hoped to raise hundreds of millions of dollars and expected valuation of $2 to 2.5 billion from the IPO. But in October Keter revealed that it was forced to delay its plans.
Everyone in Israel knows about Keter. Everywhere, lawn chairs, storage cabinets, tables, sets of outdoor seating and couches, all made from plastic by Keter, can be seen all over Israel.
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Everywhere you go in the country you can see their stores and their products for sale. Go into the average home in Israel and you will probably see Keter products on someone’s apartment terrace or in their yard.And Keter has made a name for itself internationally as well.
Keter was founded in Jaffa back in 1948 by Joseph Sogol, the year that Israel was established. Sogol’s sons inherited the company from him. In 2016, an 80% controlling interest in Keter was to private equity firm BC Partners for $1.7 billion.
Its products are made from resin. Keter boasts annual sales amounting to over $1 billion. The Keter Group distributes to 25,000 retail outlets globally, including nearly all of the top 250 retailers worldwide – with many of these relationships dating back more than 25 years.