Half of 2019 is already behind us. This is a wonderful opportunity to give you an update on what we have been doing since the last time we shared our plans for this year and in general. Well, one thing I can say for sure – it has been an eventful period, which is great!
First and foremost, I’m pleased to announce a significant expansion of our activity in the USA. In the last few months we have completed a purchase that involves obtaining local production activity. The deal, which was signed a few weeks ago, includes purchasing the activity of an American player, who will remain a partner in the venture. As part of the deal Plasgad has acquired a wide range of production equipment (more than 20 injection machines), a local staff and a series of agreements and partnerships with leading business associates in the American market. The production site is located in the state of North Carolina. The USA purchase was made as part of our efforts to implement Plasgad’s strategy of expanding its international activity. We believe that the purchase will contribute significantly to our business in the US, due to the accessibility and physical proximity to our American customers and the advanced production capabilities that the local site will provide. This is undoubtedly a major move for Plasgad, and we are all excited about it and look forward to the positive outcome it will bring!
I’m pleased to say that Plasgad’s growth this year is not limited to the USA. Our activity continues to evolve in all the main markets in which we operate. We work very hard to remain as close as possible to our customers and learn as much as we can about their needs at any given moment. This enables us to offer relevant, innovative and high-quality solutions. It is our specialty and our passion.
Indeed, a few months ago we signed an agreement with Iscar, a world leader in manufacturing cutting tools for chip processing. According to the new agreement, Plasgad will provide packaging solutions for the large automation system that Iscar is currently developing in its main site in Israel. This is a strategic collaboration that will involve developing custom solutions for Iscar. The project is expected to begin in the middle of the next year. We are working in close cooperation with Iscar personnel to ensure the timely execution in accordance with the client’s strict requirements. In addition, as you may have already noticed, we recently launched our new website which helps improve our marketing and visibility. We consider it an important aspect of Plasgad’s innovation and freshness. I’m sure that anyone who visits our new website will appreciate the advanced user interface, innovative design and comprehensive information offered by the website. I invite you all to browse and enjoy.
We will continue to work diligently throughout the remainder of the year, to ensure our ongoing development.
I wish all our customers and partners in Israel and around the world an enjoyable summer!