Israel's KITAN Industries Buys ARGAMAN, Woven Textile Producer, From Rotlevi Family
February 9, 2004
PETAKH TIKVAH, Israel - KITAN Industries, a leading bedding manufacturer and exporter here, recently acquired ARGAMAN, a woven textile producer.
KITAN purchased the floundering company from the Rotlevi family and pledged to invest between $500,000 and $4 million in the company over the next few years depending on the number of sales it generates.
All of ARGAMAN's manufacturing capacity - dyeing, printing and finishing - and some of its 100+ employees will relocate to KITAN's plant at Dimona, a city in the south of Israel.
ARGAMAN's local and international sales had been declining for years. Under KITAN's management, ARGAMAN will primarily produce underwear and apparel hosiery for both local and international markets.
KITAN purchased the floundering company from the Rotlevi family and pledged to invest between $500,000 and $4 million in the company over the next few years depending on the number of sales it generates.
All of ARGAMAN's manufacturing capacity - dyeing, printing and finishing - and some of its 100+ employees will relocate to KITAN's plant at Dimona, a city in the south of Israel.
ARGAMAN's local and international sales had been declining for years. Under KITAN's management, ARGAMAN will primarily produce underwear and apparel hosiery for both local and international markets.
