ORT has signed a definitive agreement for the sale of all of its holdings (68%) in Orpak Systems Limited to Gilbarco/Fortive, which has been an important partner of Orpak for many years and has been holding 20% of Orpak Systems Limited prior to the sale. The transaction is subject to customary conditions to closing. The consideration of said transaction for ORT is estimated at 376 million NIS, to be paid upon closing. Based on its financial results in Q1 2017, ORT is expected to record a pre-tax profit of 360 Million NIS (based on a NIS/USD exchange rate of 3.6).
Orpak will become part of Gilbarco’s organization, in a new division that will maintain the Orpak name. The division will continue to operate from its existing facility in Israel and subsidiaries around the world.