Business

Largest Plaster Manufacturer In Israel Acquired By Kusto’s Subsidiary

Tambour Ltd, a subsidiary of KustoGroup which is a holding company based in Singapore, recently confirmed its purchase of GevesGesher Ltd, plaster producer in Israel. The deal was finalized last month and the acquisition was worth $5.5 million. This is good news for the plaster industry and even plasterer in Sydney understands that it is indeed good news.

The plaster manufacturing company was established eight decades ago. The original facility was constructed near the Jordan River in Kibbutz Gesher. It now holds the record as the leading seller of industrial plaster in Israel. The facility started its operation in the 1950s and ever since it has been making plaster products with gypsum-based to meet the demand of the construction industry in the country.

Tambour, on the other hand, was founded in 1936 and it because known for producing paint. Currently, the company is known as the provider of industry solutions all over the Israel as it manufactures everything from paint to aviation supplies. The current owner of the company is KustoGroup which is under YerkinTatishev. The holding company is operational in various countries around the globe. It is an industry leader when it comes to producing many products such as glues, aviation parts, pain, shipping parts, powders and railing supplies among many others.

During the acquisition of GevesGesher, the company was also in the middle of acquiring Zegati, a paint manufacturer based in Italy. These are both good ventures for Tambour as it is hoping to improve its operations beyond the Israel border.

There are two phases involved in the acquisition of GevesGesher. The first one was in 2006 when the ownership was bought for $1 million at 51 per cent. The second phases is this year with the second payment of $4.5 million to make sure that the ownership is theirs 100 per cent. After the first phase in 2006, the company reported that their profits have increased by 400 per cent which further cements the reputation of Kusto Group and Tambour as the leaders in the market. Their prowess reached the industries in various cities that even plasterer in Sydney believes that the venture will become more fruitful in the future.