Amiad Filtration Systems acquired the remaining 34 percent of the issued share capital of its French subsidiary, Amiad France SARL (“Amiad France”), from its local partners Palinodie SARL, Bruno Jauneaud and Jean-Yves Gautret. Under terms of the deal, Amiad will issue Palinodie SARL, Mr. Jauneaud and Mr. Gautret a total of 69,000 new ordinary shares, each worth NIS 0.5, representing 0.31 percent of Amiad’s enlarged issued share capital.
The acquisition follows Amiad”s purchase of its Chinese subsidiary and is in line with the company”s strategy to acquire 100 percent ownership of its subsidiaries in order to have a local presence and to establish direct sales channels in competitive markets.
The acquisition of Amiad France also supports Amiad’s long-term approach to acquire positions in companies that provide complimentary technologies or enable the company to enter into new territories – as demonstrated by Amiad’s acquisitions in Turkey in 2008, India in 2009, and the establishment of a subsidiary in Chile in 2010.
Amiad France”s current management team, led by CEO Mr. Jauneaud, and Mr. Gautret, who will oversee European sales and marketing and business development, will remain in place.