ELBIT page 68
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ciple with Dutch industrial gi-
ant Stork, the world's largest
producer of fabric printing sys-
tems. This envisages cooperation
on integrating and implement-
ing EVS computerized vision
technologies in Stork industrial
systems.
In all, the initial effects of the
demerger have been_a bitter pill
for Elbit. Its shares have been
trading at a "deep discount, un-
reasonable relative to its assets,"
according to a recent report by
prominent Israeli brokerage
house Central Securities Corpo-
ration. The report forecasts op-
erating losses will ultimately be
reversed due to downsizing in
the TV operation, the divorce
from Fibronics and EVS's tran-
sition to profitability.
"Thus," it concludes, "the sub-
stantial discount the company is
traded at is likely to lessen sig-
nificantly and perhaps disappear
altogether in 1998." Time will
tell. ❑
Sagol, adding that Keter has al-
ready met with several local and
overseas companies.
The majority of the Keter
Group's activities are in the
United States and Europe. The
group has only recently started
to sell to neighboring countries,
mainly to Turkey, and to the Far
East, mainly to Japan and Tai-
wan.
The group, which employs al-
most 10,000 people, comprises
11 factories — nine in Israel, one
in Holland and one in the U.S.
The factories manufacture about
1,000 products, including 200
principal items.
Italian Air Force
Deals With Elbit
Jerusalem (JPFS) — Elbit Sys-
tems Ltd., the Haifa-based de-
fense contractor, announced that
it received a $25 million, three-
year contract to supply the Ital-
ian Air Force with its Opher
guided weapon system.
Joseph Ackerman, president
and CEO of Elbit Systems, said
this contract, the first such deal
with the Italian military, will
help the company to further pen-
etrate the Italian market.
"The contract signifies an im-
portant milestone for Elbit Sys-
tems as it constitutes the entry
of the company into the Italian
defense market," Mr. Ackerman
said. "We anticipate that this
program will lead to expanding
Elbit Systems' relations with the
Italian Air Force, as well as en-
hancing prospective Opher sales
to additional NATO countries
and other customers."
Elbit Systems develops inte-
grated defense systems, focus-
ing on upgrading existing
military platforms.
Elbit Systems is one of the
three November 1996 spin-offs
from the Elbit holding company.
(c) Jerusalem Post 1997
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Keter In Talks
With U.S. Partner
Jerusalem (JPFS) — The Keter
Group is in preliminary discus-
sions to gain control of a public
company in the United States,
through which it intends to raise
capital, company general man-
ager Sami Sagol said.
Keter, which is wholly owned
by the Sagol family, has allo-
cated $60 million to investments
in 1997-1998, most of which will
go toward construction of new
factories in Yokne'am, Ofakim
and Barkan.
The company is Israel's lead-
ing manufacturer of plastic con-
sumer products and one of the
five largest such firms world-
wide. It had a sales turnover of
about $200 million last year, of
which exports accounted for
about 80 percent.
Keter recently inaugurated a
factory in Karmiel at a total in-
vestment of $20 million. Over
the next few years $20 million
will be invested in both
Yokne'am and Ofakim and $6
million in a new plant in
Barkan.
"Our expansion plans are
based on many partnership
agreements with local and in-
ternational firms," said Mr.
Sagol, adding that Keter intends
to maintain its average growth
rate of 20 percent a year. To fi-
nance future activities, the own-
ers are examining the possibility
of raising capital overseas by in-
vesting in a U.S. public compa-
ny engaged in the plastics
industry.
Another option is to raise cap-
ital on the Tel Aviv Stock Ex-
change (TASE).
If the TASE recovers we will
consider this option," said Mr.
Ormat Builds
Power Plant
,
Jerusalem (JPFS) — Ormat In-
dustries, a Yavne-based turbine
manufacturer, has begun ship-
ping equipment to build a geot-
hermal power plant in New
Zealand. The company expects
to earn $23 million from the pro-
ject, which will be completed in
July.
The 25 megawatt plant will
be built on Rotokawa, an island
in the north of the country. This
will be Ormat's third plant in
New Zealand, and the company
said it has plans to build a
fourth.
Ormat has built more than 25 (_
geothermal power plants in 10
countries, including the United
States, Thailand, Iceland, Ar-
gentina and China.
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