Pelmar announces sale of TGL to Duram Rubber

Ramat - Hasharon, Israel – TGL SP Industries Ltd, Israel’s second largest rubber company, has been sold to Duram Rubber Products,  Pelmar Engineering has announced. 

TGL is known as a producer of road wheels and tracks for armoured vehicles and has an order backlog of $40 million right now, said TGL’s owner in a statement supplied 11 Oct.

The purchase agreement was signed last week and is expected to close on 30 Oct, according to Pelmar, adding that TGL will continue to operate in Tsiporit in the Galilee,

Duram, it noted, has specialised in supplying products to the food industry worldwide and is considered the most profitable rubber company in Israel. 

“They see a lot of synergy in the acquisition of TGL as entry to the defence industry and completion of their line of water diaphragm,” commented Pelmar. 

Duram “intends to invest heavily” in developing the company on site and transfer some of its activity from its base in Ramat Hakovesh to Tsiporit.” 

The transaction will ensure “continuation and development of [TGL], which just celebrated its 72nd year anniversary,” concluded Pelmar.