10 Jan 2006
Ramat Hasharon, Israel -- Israeli machinery dealer Pelmar Engineering Ltd. reported sales growth of over 20 percent in each of the years 2005, and 2004, according to managing director Jacob Peled. Peled said turnover is expected to exceed $40 million in 2006, 13 percent up on 2005. He added that the company also reported a substantial increase in assets over the same period.
Peled also told ERJ that Pelmar has gradually been bringing in a new generation to manage the company, and planning overseas expansion. The company has decided to open two new subsidiaries in Europe and acquire a company in the Akron-Cleveland area of Ohio to act as a third subsidiary. Peled declined to name any target, but implied that negotiations are underway saying details of the acquisition will be revealed during the first quarter of 2006. Peled said the company will celebrate its 40th anniversary at the end of 2006 and expects to make further significant announcements at that time.
Peter Riess, formally Director of Dunloplan, Hanau has been named managing director of Pelmar Engineering GmbH in Germany, while the managing director of Pelmar Italiana SpA, will be announced in February. Peled said the new recruit will be an ex senior technologist of one of the major tyre companies.
As a precursor to these expansion plans, four sons and daughters of existing management have joined the company, while Uriel Wexler CPA has also been named as the company's new chief financial officer.
The second generation of management has considerably decreased the average age of the Pelmar Group management, said Peled. He said the new team includes the following:
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Websiteof Pelmar Engineering
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