Israel Shipyards will acquire 70% of the "Onat Pan" activity for NIS 6.7 million

Israel Shipyards continues the process that should eventually make it one of the largest (and most profitable) companies in Israel. Cement, a subsidiary of Israel Shipyards that imports raw materials for the real estate industry, will purchase 70% of the largest gypsum board importer in Israel.
Cement, as stated, will acquire 70% of the "Onat Pan" activity for NIS 6.7 million. The acquisition joins the acquisition of another activity in the field of construction products that Cement recently completed - the activity of the adhesive manufacturer Keshet Prima.
The gypsum board market in Israel is estimated at half a billion shekels, and every year about 36 million square meters of boards are sold in Israel. The local market is controlled by Orbond and Tambour, which hold about 80% of the market. An additional 20% is imported by a number of small importers and by the main importer - "Onat Pan".
The company was founded by Ahmed Othman and Sons, who have over 20 years of experience in the field of import and trade. In addition to gypsum boards, Onat Pan also imports white blocks (concrete gas). The company has an exclusive import concession to Israel from the Pan Onat Corporation in Turkey. The most advanced factories in the world in the field of gypsum boards and operating in German technology.
Under the agreement, Pan Onat's operations will be merged into a dedicated company that will focus on operations in the areas of gypsum and blocks. Cement will hold 70% of the company's shares and the balance will be held by Ahmed Othman and Sons. According to the report, Cement intends to expand its activities to import, market and sell gypsum and its products, gas-concrete blocks and related products.
Yamant began operating in 2016 against the background of the Israeli government's decision to open the cement market to competition, after decades of monopolistic control. The company's CEO is Eyal Hecht. The establishment of Cement led to a real revolution in the cement industry in Israel. As a result, there was a decrease in cement and concrete prices in Israel by tens of percent. For small contractors to enjoy prices that were previously reserved only for large contractors, the company now holds a share of more than 15% of the cement market in Israel, which stands at about 10 million tons per year.
In the last two years, Cement has expanded its activities and entered into strategic activities in the field of complementary construction materials as well. The company, together with the start-up company Beyon3D, established the first plant for the production of concrete products, tiles and cladding by an innovative robot. In addition, about two months ago, Cement completed the acquisition of the activities of Keshet Prima, one of the largest private manufacturers in Israel of finishing materials, adhesives and powders in the field of construction.
Cement paid about NIS 90 million for the purchase. Beyond that, the company is considering entering activity in the field of importing gypsum plaster, an area that stands at about NIS 200 million a year, and starting to import white cement as a complementary product. Upon completion of the transaction with Onat Pan, Cement intends to establish three logistics centers that will serve the company's customers throughout the country: in Haifa Bay, Nitzanei Oz and another center in the south.
Eyal Hecht, CEO of Cement: “Cement continues to lead the consumer revolution that began with the opening of the cement market to competition and lower prices. We intend to continue to expand and offer a wide range of products and solutions to the construction industry in Israel. This while combining the benefits inherent in the port of Israel's shipyards and the company's fleet of ships, together with the logistical capabilities and the financial backing of the group, which enables the financing of transactions in the field. "