ORT and Gilbarco/Fortive have reached the closing of their transaction
August 31, 2017
On August 31, 2017 ORT and Gibarco/Fortive reached the closing of its agreement for the sale of all of ORT’s holdings (68%) in Orpak Systems Limited to the latter. Prior to the transaction, Gilbarco has been an important partner of Orpak for many years and has been holding 20% of Orpak Systems Limited. The consideration of said transaction amounted to 376 million NIS, which was paid upon closing. Based on its financial results in Q2 2017, ORT is expected to record a pre-tax profit of 360 Million NIS (calculated based on NIS/USD exchange rate of 3.6).
Following the completion of the transaction, Orpak has become part of Gilbarco’s organization as a new division under its name. The new division will continue to operate from its existing facitily in Israel and subsideiaries around the world.