RAMAT HASHARON, Israel—Pelmar Group is looking to acquire a conveyor belt production and distribution business in order to reduce its dependence on the military sector.
The Israeli group, led by CEO Hagai Peled, is planning “several improvements” between this year and 2015, including an increase in its engineering activities.
Pelmar signaled its intentions in a consolidated results announcement showing that it had registered a profit of almost $800,000 in 2013.
This was, it said, despite forecasts indicating just “breakeven” due to a global slowdown in tire production and vehicle distribution during the first half of 2013.
The now fully-owned TGL SP Ltd.—a Yokneam, Israel-based manufacturer of rubber compounds for metal bonding products for the defense and commercial industries—contributed to the better-than-expected result.
Pelmar bought out TGL co-owner Elbit Systems Ltd's stake in the company on Dec. 31.
“The year 2014 looks rather promising at the moment” said Jacob Peled, Pelmar Group executive chairman, in the company statement.
Pelmar supplies pre-owned and new machinery and offers consulting and training, production line relocation and logistics handling support services.