Apr
25
Chromagen Enters Strategic Agreement With A. O. Smith, one of the world’s leading manufacturers of residential and commercial water heating equipment
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April 14 — A. O. Smith Corporation (NYSE: AOS) and Chromagen entered into a strategic cooperative agreement to develop advanced solar technology for water heating applications.
Under the terms of the agreement, Chromagen will offer A. O. Smith exclusive marketing and distribution rights of its solar collectors for use in residential and commercial solar water heating systems United States and Canada. The two companies also agreed to work cooperatively to design, develop, and market energy-efficient solar products.
“Chromagen, a pioneer in solar water heating, offers a proven solar product line of consistently high quality, extensive technical capabilities, and a global presence in the rapidly expanding renewables market,” Ajita G. Rajendra, president of A. O. Smith Water Products Company, said in making the announcement. ”As A. O. Smith expands its offering of high-efficiency water heating solutions, it is important we team up with the right strategic partners so that together, we can bring the best value to our customers in this rapidly changing market.”
On April 9, A. O. Smith Water Products Company announced one of the largest product launches in its 74-year history, with four new high-efficiency product lines including the Cirrex ™ solar water heating system for residential applications. The company plans to begin shipping Cirrex systems later in the second quarter.
Chromagen has two manufacturing operations in Israel and distributes products in more than 35 countries worldwide. The company provides solar products designed for domestic use as well as complex central systems for commercial applications.
Chromagen solar collectors are certified by the Solar Rating and Certification Corporation (SRCC) in the U.S., International Standard ISO 9806, and a number of other certifications worldwide.
The company was founded in 1962 and also owns Chromagen Spain, a leading supplier of solar water heating systems in that country.
A. O. Smith Corporation, with 2009 sales of $2.0 billion, is a global leader applying innovative technology and energy-efficient solutions to products marketed worldwide. The company is one of the world’s leading manufacturers of residential and commercial water heating equipment, offering a comprehensive product line featuring the best-known brands in North America and China. A. O. Smith is also one of the largest manufacturers of electric motors for residential and commercial applications in North America.
Apr
25
Late January 2010, Gazit Industries Ltd, a Tene II portfolio company, consummated its control investment in Poligal Ltd. According to Ran Ben-Or, Managing Partner at Tene Investment Funds, “this is a significant and positive move for the two companies as there is a multi level synergy in the companies’ operations.”
Gazit Industries specializes in the production of rigid plastic sheets used in the construction sector as well as plastic packaging for the food industry. With Europe as the major market. Gazit’s production facilities are spread across Israel as well as in Eastern Europe.
Poligal Ltd. (www.polygal.com) is a manufacturer of poly carbonate multi-wall sheets. Poligal benefits from strong management and its major markets include West and East Europe, Russia, South America and the United States. In addition, the company has four subsidiaries across the globe. Poligal is a valuable addition to Gazit Industries’ group of companies with high potential synergy to both companies’ productions and marketing activities.
Consistent with Tene’s strategy to add significant value to its portfolio companies, Ran Ben-Or and Eyal Attia led the acquisition on Gazit’s behalf. According to Eyal Attia, a Partner at Tene Investment Funds, “Poligal acquisition is consistent with Gazit’s long term strategic plan outlined by Tene in conjunction with Gazit management.”