Elco Ltd.: Difference between revisions
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{{Short description|International conglomerate holding company}} |
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{{Infobox company | |
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{{Infobox company |
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name = Elco Holdings| |
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| name = |
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type = [[Public company|Public]] | |
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| logo = File:Elco Holdings logo.svg |
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foundation = {{start date and age|1949}} | |
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| logo_size = |
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location = [[Tel Aviv]], [[Israel]]| |
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| logo_alt = |
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key_people = Georg Salkind, CEO| |
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| logo_caption = |
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num_employees = 12,600 (2006) | |
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| image = |
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revenue = [[image:Green Arrow Up.svg|12px]] US$ 2.8 billion (2006) | |
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| image_size = |
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industry = [[electronics]] | |
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| image_alt = |
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products = [[air conditioned]], [[household appliances]], [[real estate]]| |
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| image_caption = |
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| trade_name = |
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| native_name = אלקו בע"מ |
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| native_name_lang = he |
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| romanized_name = |
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| former_name = |
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| type = [[Public company|Public]] |
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| traded_as = {{TASE|ELCO}} |
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| ISIN = |
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| industry = [[Electronics]], [[Major appliance|white goods]], [[manufacturing]], [[construction]], [[real estate]], [[apparel]], [[retail]], [[Food and Beverage|food and beverage]], others |
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| genre = |
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| predecessor = <!-- or: | predecessors = --> |
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| founded = {{start date and age|1949}}<ref name=dun>{{cite web |url=https://www.dnb.com/business-directory/company-profiles.elco_ltd.d3a2816e44e1e60377513e7f601f8a89.html |title=Elco Ltd.: About the company |website=[[Dun & Bradstreet]] |access-date=2021-11-24}}</ref> |
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| founder = Alexander Salkind |
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| defunct = <!-- {{End date|YYYY|MM|DD}} --> |
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| fate = |
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| successor = <!-- or: | successors = --> |
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| hq_location = [[Electra Tower]], Yigal Alon St 98<ref name=ft>{{cite web |url=https://markets.ft.com/data/equities/tearsheet/profile?s=ELCO:TLV |title=Elco Ltd. Company Profile |website=[[Financial Times|The FT]] |access-date=2021-11-23}}</ref> |
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| hq_location_city = [[Tel Aviv]] |
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| hq_location_country = [[Israel]] |
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| num_locations = |
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| num_locations_year = <!-- Year of num_locations data (if known) --> |
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| area_served = <!-- or: | areas_served = --> |
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| key_people = Daniel Salkind (Co-[[Chief executive officer|CEO]])<br /> Michael Salkind (Co-CEO)<ref>{{cite web |url=https://www.bloomberg.com/profile/company/ELCO:IT |title=Executives |website=[[Bloomberg L.P.|Bloomberg]] |access-date=2021-11-23}}</ref><br /><ref>{{cite web |url=https://www.reuters.com/companies/ELCO.TA/people |title=Officers & Directors |website=[[Reuters]] |access-date=2021-11-23}}</ref><br /> Avraham Israeli ([[Vice president|Executive Vice President]])<ref>{{cite web |url=https://www.tase.co.il/en/market_data/company/694/about#item4 |title=Board & Management |website=[[Tel Aviv Stock Exchange]] |access-date=2021-11-23}}</ref><br /> Eliezer Vessesly ([[Chief financial officer|CFO]])<br /> Mordechai Friedman ([[Chairperson]])<ref>{{cite web |url=https://www.cnbc.com/quotes/ELCO-IL |title=ELCO-IL:Tel Aviv Stock Exchange |website=[[CNBC]] |access-date=2021-11-23}}</ref> |
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| products = |
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| production = |
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| production_year = <!-- Year of production data (if known) --> |
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| brands = |
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| services = |
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| revenue = [[image:Green Arrow Up.svg|12px]] [[United States dollar|US$]]4.76 billion<ref name=wsj>{{cite web |url=https://www.wsj.com/market-data/quotes/IL/ELCO/financials |title=Elco Ltd. financial statements |author=<!--Not stated--> |date= |website=[[The Wall Street Journal]] |publisher= |access-date=2022-04-30 |quote=}}</ref> |
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| revenue_year = 2021 |
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| operating_income = |
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| income_year = <!-- Year of operating_income data (if known) --> |
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| net_income = <!-- or: | profit = --> |
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| net_income_year = <!-- or: | profit_year = --><!-- Year of net_income/profit data (if known) --> |
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| aum = <!-- Only for financial-service companies --> |
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| assets = [[United States dollar|US$]]6.12 billion [[Net asset value|NAV]]<ref name=wsj/> |
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| assets_year = 2021 |
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| equity = |
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| equity_year = <!-- Year of equity data (if known) --> |
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| owners = Daniel and Michael Salkind ([[Controlling interest|controlling shareholders]])<ref name=machine>{{cite news |url=https://en.globes.co.il/en/article-the-salkind-brothers-ma-machine-1001370254 |title=The Salkind brothers' M&A machine |author=Aviv Levy |date=2021-05-06 |website=[[Globes (newspaper)|Globes]] |access-date=2021-11-22 |quote=The brothers hold 65% of the company}}</ref> |
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| members = |
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| members_year = <!-- Year of members data (if known) --> |
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| num_employees = 21,000 |
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| num_employees_year = 2021 |
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| parent = |
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| divisions = |
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| subsid = |
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| module = <!-- Used to embed other templates --> |
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| ratio = <!-- Basel III ratio; used for banks only --> |
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| rating = <!-- Credit rating; used for banks only --> |
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| website = {{URL|https://www.elco.co.il/|elco.co.il}} |
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| footnotes = |
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}} |
}} |
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'''Elco Ltd.''' is an international [[Conglomerate (company)|conglomerate]] [[holding company]] headquartered in [[Tel Aviv]], [[Israel]]. The company was founded in 1949 by Alexander Salkind, and has been managed since its establishment by three generations of the Salkind family. It is the parent company of Electra, [[Electra Consumer Products]], Electra Real Estate, Supergas and others. By 2021 the company’s subsidiaries were active in 17 countries, with more than 21,000 employees, and a production site in Israel where it manufactures [[air conditioning]] units and electromechanical equipment.<ref name=dun/> |
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The company is one of the top traded companies on the [[Tel Aviv Stock Exchange]] and is included in the [[TA-125 Index#TA-90 Index|TA-90 Index]] of top shares, trading under the [[ticker symbol]] '''ELCO'''. |
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'''Elco Holdings''' is one of the largest [[Israel]]i industrial groups. Elco has several production centres in [[Israel]], [[Italy]], [[France]] and [[China]] where it produces [[household appliances]], air conditioning units and electro mechanical equipment. |
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==History== |
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The holding is formed by separate business entities of which four are traded on the [[Tel Aviv Stock Exchange]]. |
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===Background=== |
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In 1933 in [[Germany]], Alexander Salkind left his home along with his family and relocated to what was then [[Mandatory Palestine]]. Prior to that he had owned factories in [[Weimar Republic|Germany]] and [[England]] producing parts for [[Antique radio|radios]]. Alexander's father had been an [[Business magnate|industrialist]] in [[Russian Empire|Russia]], and owned factories producing [[steam engine]]s.<ref name=maariv>{{cite news |author= |date=1969-11-18 |title=דור שלישי בתעשיה |trans-title=Third generation in industry |url=https://www.nli.org.il/en/newspapers/mar/1969/11/18/01/article/141/?e=-------en-20--1--img-txIN%7ctxTI--------------1 |url-status= |language=he |work=[[Maariv (newspaper)|Maariv]] |location=[[National Library of Israel]] |access-date=2021-12-09 |via= |quote=}}</ref> |
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Alexander's son Gershon (born Georg, in 1928) studied at the [[Herzliya Hebrew Gymnasium|Herzliya Gymnasium]] in Tel Aviv and later at the [[ETH Zurich|Swiss Federal Institute of Technology]] in [[Zürich]]. Gershon served in the [[Armored Corps (Israel)|Armored Corps]]<ref name=maariv/> of a predecessor organization of the modern [[Israel Defense Forces|IDF]].<ref name=maariv/> |
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===Early history=== |
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[[File:ElectraTower.jpg|thumb|upright=2|[[Electra Tower]], [[Tel Aviv]], headquarters of Elco]] |
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Alexander Salkind founded Elco in 1949, with J. Spielberger and [[Discount Investment Corporation|Discount Investments]], as an electromechanical factory in [[Ramat Gan]]. The company became the sole supplier of [[Transformer|power transformers]] to the [[Israel Electric Corporation]], and the company also exported its own products. In 1963, the company's securities were listed on the [[Tel Aviv Stock Exchange]].<ref>{{cite news |author= |date=1963-06-11 |title=הנפקת מניות ראשונה של "אלקו" להרחבת המפעל האלקטרו-מכני |trans-title=Elco's first stock offering for the expansion of the electromechanic plant |url=https://www.nli.org.il/en/newspapers/?olive_path=%2folive%2fapa%2fnli_heb%2fSharedView.Article.aspx&olive_query=href%3dHBKR%2f1963%2f07%2f11%26id%3dAr00506&l=en |url-status= |language=he |work=[[HaBoker]] |location=[[National Library of Israel]] |access-date=2021-12-08 |via= |quote=}}</ref> |
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Alexander's son, Gershon Salkind, joined the company in the early 1950s, and in the early 1970s management of the company was transferred to him. |
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The company opened a new manufacturing plant in [[Ramat HaSharon]] in the early 1970s. Meanwhile a factory for the production of electricity meters, under the subsidiary Elcomet, was established in [[Safed|Safed/Tsfat]]. In 1973, the subsidiary Elco Contracting and Services, headquartered in [[Herzliya]], was established and engaged in the installation of electrical and electromechanical equipment. In 1975, the control and computer division Elcontrol were founded. A new subsidiary, Elco Fire Detection was established to engage in the assembly and maintenance of [[fire detection]] and automatic [[Fire suppression system|extinguishing systems]]. |
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In 1987, a number of shareholders attempted to acquire control of Elco. By purchasing the stakes owned by Discount Investments and the Danot Investment Company, Gershon Salkind thwarted the attempted takeover, and increased his share of the company to 80%. It was from this point on that Salkind made [[mergers and acquisitions]] a core strategy of the business.<ref>{{cite news |url=https://www.globes.co.il/news/article.aspx?did=82801 |title=זלקינד רכש מניות חברה אמריקנית, שבעשור הקודם הצילה עבורו את אלקו |trans-title=Salkind bought shares in an American company that in the previous decade had saved Elco for him|author=Shai Shalo |date=1999-04-12 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-08 |quote=The brothers hold 65% of the company}}</ref> |
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In 1989, the company acquired the competing company Katzenstein Adler.<ref>{{cite news |author=Yoav Yitzhak |date=1989-06-06 |title=חשמל זורם |trans-title=Flowing electricity |url=https://www.nli.org.il/en/newspapers/mar/1989/06/06/01/article/250/?e=-------en-20--1--img-txIN%7ctxTI--------------1 |url-status= |language=he |work=[[Maariv (newspaper)|Maariv]] |location=[[National Library of Israel]] |access-date=2021-12-08 |via= |quote=}}</ref> In the same year, the company began a process to reorganize the group's structure, so that at the end of the process it became a holding company. |
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===1990–2009=== |
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[[File:PikiWiki Israel 48290 Environment of Israel.JPG|thumb|upright=2|[[Haifa]]'s [[Sammy Ofer Stadium|International Sammy Ofer Stadium]], an Electra Construction project]] |
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In 1991, Elco acquired Electra from [[Access Industries|CLAL Industries]], and expanded its operations into the field of air conditioning, elevators, and contracting. |
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In the late 1990s, Electra Real Estate was established, which acquired income-generating [[real estate]] in Europe and the United States. |
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Elco acquired the French conglomerate [[Brandt (brand)|Brandt]] in 2002<ref>{{cite news |url=https://www.nytimes.com/2002/01/16/business/world-business-briefing-europe-france-moulinex-deal-set.html |title=Europe: France: Moulinex Deal Set |newspaper= [[The New York Times]]|date= 2002-01-16|access-date=2021-12-09|quote=French commercial court awards control of Moulinex Brandt Group white-goods division, which manufactures stoves and other large kitchen appliances, to Elco Holdings Ltd of Israel}} {{subscription required|s}}</ref> for 250 million [[euro]], with unions welcoming the takeover.<ref>{{cite news |author=Frédéric Pons |date=2002-01-16 |title=Brandt repris par l'inconnu Elco |trans-title=Brandt taken over by the unknown Elco |url=https://www.liberation.fr/futurs/2002/01/16/brandt-repris-par-l-inconnu-elco_390513/ |url-status= |language=fr |work=[[Libération]] |access-date=2021-12-09 |via= |quote=}}</ref> The resulting conglomerate was one of the largest white appliance manufacturers in the world, and engaged in the manufacture and marketing of products such as ovens, stoves, washing machines, dryers, refrigerators and freezers, and operated under the name Elco-Brandt for several years. It was sold in June 2005 for a profit of 100 million euro. |
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In 2008, the group's [[transformer]] manufacturing activity was sold to the Swiss industrial group [[Von Roll Holding]] for ILS 290 million, with a pretax capital gain of ILS 120 million on the sale, despite the [[Financial crisis of 2007–2008|global financial crisis]].<ref>{{cite web |url=https://en.globes.co.il/en/article-1000382476 |title=Electra sells transformer manufacturing unit |author=Sharon Baider |date=2008-09-16 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-09 |quote=Electra Ltd. (TASE: ELTR) has sold its transformer manufacturing subsidiary Enerco Enterprises Ltd. to Switzerland's Von Roll Holdings AG (SWX: ROL) for NIS 290 million}}</ref> |
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===2010–present=== |
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In February 2014, the company changed its name from '''Elco Holdings Ltd'''. to Elco Ltd. |
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In 2016 Elco sold the land in Ramat HaSharon where the company's manufacturing plant had been located. It also sold LAT, a residential real estate subsidiary in the US, and land in China. All of these transactions contributed to making the company debt-free for the first time, ushering in a new era of [[Mergers and acquisitions|M&A]]. |
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[[File:PikiWiki Israel 53734 navon train station in jerusalem.jpg|thumb|upright=1.5|[[Jerusalem–Yitzhak Navon railway station|Yitzhak Navon railway station]] in [[Jerusalem]], ''Escalators Project of the Year 2021'']] |
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In January 2017 it was announced that Electra Consumer Products had reached an agreement to buy the [[cellular network]] [[Golan Telecom]] for ILS 350 million,<ref>{{Cite news|url=http://www.globes.co.il/en/article-electra-signs-deal-to-buy-golan-telecom-1001170002|title=Electra signs deal to buy Golan Telecom|website=[[Globes (newspaper)|Globes]]|date=March 2017 |language=he|access-date=2021-12-09}}</ref> and the deal was completed in April 2017.<ref>{{Cite news|url=https://www.haaretz.com/israel-news/business/1.781876|title=Electra Consumer Completes Golan Telecom Acquisition After Last-minute Snags|last1=Ziv|first1=Amitai|date=2017-04-06|work=[[Haaretz]]|access-date=2021-12-09|last2=Azran|first2=Eran|language=en|last3=Rochvarger|first3=Michael|last4=Sasson|first4=Assa|last5=Zerachovitz|first5=Omri|last6=Reuters}}</ref> Electra Consumer Products sold Golan Telecom in August 2020 to [[Cellcom (Israel)|Cellcom]] — one of the "big three" mobile operators in Israel — for a price of ILS 513 million in cash,<ref>{{Cite web|url=https://www.calcalist.co.il/articles/0,7340,L-3846626,00.html|title=Approved: Merger of Cellcom and Golan completed|work=Calcalist|date=2020-08-26|access-date=2021-12-09}}</ref> making a capital gain of ILS 163 million. |
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In September 2017, the company acquired the operations of the Globus Max Cinema Chain for ILS 144 million (US$40.9 million), beating five other bidders.<ref>{{cite web |url=https://www.haaretz.com/israel-news/business/elco-wins-bidding-for-bankrupt-globus-max-cinema-chain-1.5449253 |title=Elco Wins Bidding for Bankrupt Globus Max Cinema Chain |author= |date=2017-09-08 |website=[[Haaretz]] |access-date=2021-12-09}}</ref> |
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Upon the death of Gershon Salkind in September 2017, his sons Daniel and Michael became the controlling shareholders and were appointed co-CEOs of the company.<ref>{{cite news |url=https://en.globes.co.il/en/article-elco-controlling-shareholder-gershon-salkind-dies-1001206339 |title=Elco controlling shareholder Gershon Salkind dies |author= |date=2017-09-26 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-09}}</ref> |
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In July 2019, Elco acquired Granite Hacarmel, which owns [[natural gas]] distributor Supergas, for ILS 770 million.<ref>{{cite news |url=https://en.globes.co.il/en/article-azrieli-sees-nis-355m-profit-on-supergas-sale-1001295079 |title=Azrieli Group has agreed to sell Granite Hacarmel, which owns gas distributor Supergas, to Elco Holdings |author=Guy Ben Simon |date=2019-07-28 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-09}}</ref> |
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In August 2020, [[Calcalist]] reported that Bosch and Electra were to set up a [[Heating, ventilation, and air conditioning|HVAC]] manufacturing facility in Israel, in [[Ashkelon]], investing US$29.6 million in the facility.<ref>{{cite web |url=https://www.calcalistech.com/ctech/articles/0,7340,L-3848539,00.html |title=Bosch, Electra to set up HVAC manufacturing facility in Israel |author=Orna Yafet |date=2020-09-07 |website=[[Calcalist]] |publisher= |access-date=2021-12-09 |quote=}}</ref> The products manufactured in the facility will be distributed worldwide by Bosch, according to the report, with the companies expecting to control 10% of the European [[heat pump]] market within four years. |
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Also in 2020, Elco's subsidiary in [[Poland]], Electra M&E Polska, signed an agreement with US [[electric vehicle]] manufacturer, [[Tesla, Inc.|Tesla]], to perform electromechanical work at its first European production facility, [[Giga Berlin|Gigafactory Berlin-Brandenburg]],<ref>{{cite web |url=https://www.teslarati.com/tesla-giga-berlin-alien-dreadnought-contract-production-efficiency/ |title=Tesla lands 'Alien Dreadnought' contract for Giga Berlin |author=Joey Klender |date=2020-09-03 |website=Teslarati |access-date=2021-12-09 |quote=Tesla has inked a deal with Israel’s Electra Group and its subsidiary, M&E Polska, to perform electromechanical work at the Giga Berlin production facility}}</ref> in a deal worth US$80 million. According to Calcalist, Electra M&E Polska has also completed electromechanical projects for German auto marques [[Volkswagen Group|Volkswagen]], [[Audi]] and [[Mercedes-Benz]] in deals totaling more than US$75 million.<ref>{{cite web |url=https://www.calcalistech.com/ctech/articles/0,7340,L-3847800,00.html |title=Israel's Electra Group Strikes $80 Million Deal With Tesla |author=Hezi Sternlicht |date=2020-09-03 |website=Teslarati |access-date=2021-12-09 |quote=Tesla has inked a deal with Israel’s Electra Group and its subsidiary, M&E Polska, to perform electromechanical work at the Giga Berlin production facility}}</ref> |
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In January 2021 Electra acquired control of Amnon Mesilot, which owns 100% of [[Afikim (company)|Afikim]], one of Israel's main [[bus]] transport companies, which it [[Rebranding|rebranded]] to Electra-Afikim. At the time of acquisition, Afikim was operating 840 buses on 250 routes, with annual [[Patronage (transportation)|ridership]] of about 60 million passengers.<ref>{{cite news |author=Golan Hazani |date=2021-01-03 |title=אלקטרה רוכשת את השליטה באפיקים ב־74 מיליון שקל |trans-title=Electra acquires control of afikim for nis 74 million |url=https://www.calcalist.co.il/markets/articles/0,7340,L-3885232,00.html |url-status= |language=he |work=[[Calcalist]] |access-date=2021-12-09 |via= |quote=}}</ref> In May of the same year the company acquired [[Egged Ta'avura]] for ILS 200 million, resulting in it becoming the country's third largest bus operator.<ref>{{cite news |url=https://en.globes.co.il/en/article-egged-taavura-acquisition-makes-afikim-third-largest-bus-co-1001370042 |title=Buying Egged-Ta'avura makes Electra Afikim 3rd largest bus co |date=2021-05-05 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-09}}</ref> |
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In 2021 Elevator World magazine named the escalator at [[Jerusalem–Yitzhak Navon railway station]] the global Project of the Year in the "Escalators (New Construction)" category.<ref>{{Cite web|url=https://elevatorworld.com/contests/project-of-the-year/|title=Project of the Year 2021 Winners|work=Elevator World|access-date=2021-12-09}}</ref> Elco and long time partner [[Otis Worldwide|OTIS]] carried out the project.<ref>{{Cite web|url=https://www.otis.com/en/us/news?cn=project-of-the-year-yitzchak-navon-train-station|title=Elevator World Project of the Year: Yitzchak Navon Train Station|work=[[Otis Worldwide|OTIS]]|date=2021-01-12|access-date=2021-12-09}}</ref> |
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[[File:Logo of 7-Eleven (transparent).svg|frameless|right|upright=0.5]] |
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In May 2021 Elco acquired the supermarket chain [[Yeinot Bitan]] through its Electra Consumer Products subsidiary, with the deal including Yeinot Bitan's network of Mega-branded stores.<ref>{{cite news |url=https://en.globes.co.il/en/article-electra-consumer-products-signs-yeinot-bitan-acquisition-deal-1001369985 |title=Electra Consumer Products signs Yeinot Bitan acquisition deal |date=2021-05-05 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-09}}</ref> |
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In October 2021 Electra Consumer Products signed a 20-year franchise agreement with the US-based international convenience store chain [[7-Eleven]] to operate the brand in Israel, with an option to extend the agreement for a further 50 years.<ref>{{cite web |url=https://www.timesofisrael.com/7-eleven-to-open-hundreds-of-stores-in-israel-but-theyll-be-closed-on-shabbat/ |title=7-Eleven to open hundreds of stores in Israel, but they'll be closed on Shabbat |author=Stuart Winer|date=2021-10-12 |website=[[The Times of Israel]] |access-date=2021-12-09}}</ref><ref>{{cite web |url=https://www.jpost.com/j-spot/oh-thank-heaven-7-eleven-is-coming-to-israel-681729 |title=Oh thank heaven: 7-Eleven is coming to Israel |author=Zeb Stub|date=2021-10-12 |website=[[The Jerusalem Post]] |access-date=2021-12-09}}</ref><ref>{{cite news |url=https://www.ynetnews.com/business/article/bjhuhj7by |title=7-Eleven to open its first store in Israel in 2022 |author1=Navit Zomer|author2=Meirav Crystal|date=2021-10-12 |website=[[Ynet]] |access-date=2021-12-09}}</ref> |
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Also in 2021, Elco took a 29.8% stake in IDB Investments, the owner of several well known companies in Israel.<ref>{{cite news |url=https://www.globes.co.il/news/article.aspx?did=1001373275 |title=זלקינד רכש מניות חברה אמריקנית, שבעשור הקודם הצילה עבורו אתאלקו השלימה רכישה של 29.8% ממניות דיסקונט השקעות |trans-title=Elco has completed the acquisition of 29.8% of Discount Investments shares|author=Omri Cohen |date=2021-06-03 |website=[[Globes (newspaper)|Globes]] |access-date=2021-12-08 |quote=The brothers hold 65% of the company}}</ref> |
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== Subsidiaries == |
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[[File:Arazim Train Bridge 3.jpg|thumb|upright=2|Electra was contracted to build and install systems in the tunnels of the [[Railway electrification system|fully electrified]] [[Tel Aviv–Jerusalem railway]]]] |
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===Publicly traded subsidiaries=== |
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The company operates as a array of subsidiaries, four of which are [[Public company|publicly traded]]: |
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====Electra==== |
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Founded in 1945, Electra’s main activities are construction, infrastructure and electromechanical systems primarily in Israel and the United States; facilities management, and establishing and developing real estate projects. The company is listed on the Tel Aviv Stock Exchange and part is of the TA-35 Index, with annual revenue of US$2.5 billion in 2020. The company is headquartered in Tel Aviv, operates in 17 countries and employed 13,200 people in 2021. |
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====Electra Consumer Products==== |
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{{main|Electra Consumer Products}} |
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Listed in the [[TA-90 Index]], Electra Consumer Products is organized into five divisions: electric consumer products; retail of electrical consumer goods; [[Grocery store|food retail]]; sports and leisure; and real estate. |
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With more than 6,500 employees, Electra Consumer Products is focused on the import, export, marketing, sales, distribution and retail of air conditioning systems and electric consumer products. The company operates a chain of supermarkets and also holds the [[7-Eleven]] convenience store franchise in Israel. The company also holds the concession in Israel for the global brand, [[Columbia Sportswear]], and operates a chain of sports and leisure stores, for a total of 250 retail stores when combined, as well as owning 25,000 square meters of commercial real estate. |
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In 2021 the company partnered with a [[recycling]] company to build the first recycling plant for Large Domestic Appliances, also known as heavy [[electronic waste]] — such as refrigerators and air conditioners — in Israel, taking control of the entire value chain from production to recycling. The plant is planned to open in 2022, it will comply with European [[European Committee for Electrotechnical Standardization|CENELEC]] standards, and will have a capacity of approximately 30,000 tons per year.<ref>{{cite web |url=https://www.allrecycling.co.il/en/lda-plant-2022/ |title=The first plant of its kind in Israel for recycling refrigerators and heavy electrical equipment will be established in 2022 |date=2021-11-01 |website=All Recycling |access-date=2021-12-08}}</ref> |
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In late 2021 Electra Consumer Products announced a move into [[Solar power|solar energy]], having signed an agreement with [[SolarEdge]], under which a subsidiary company, Electra Solar, will sell SolarEdge's products for domestic solar setups in Israel, and having also acquired control of Solar Sensei, which represents US solar panel company [[SunPower]] in Israel, and imports, produces and distributes solar equipment such as [[solar panel]]s, converters, and optimizers.<ref>{{cite news |url=https://en.globes.co.il/en/article-electra-consumer-products-enters-solar-power-business-1001389277 |title=Electra Consumer Products enters solar power business |author=Guy Lieberman |date=2021-11-01 |website=[[Globes (newspaper)|Globes]] |access-date=2021-11-22 |quote=The brothers hold 65% of the company}}</ref> |
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Electra Consumer Products was included in a list of the best 100 companies to work for in 2020, by the business ranking firm, CofaceBDI.<ref>{{cite news |author=Sivan Klingbail |date=2021-01-03 |title=דירוג :2020 גם בימי קורונה: 100 החברות שהכי כדאי לעבוד בהן בישראל |trans-title=Ranking 2020: Even in Corona days: The 100 best companies to work in Israel |url=https://www.themarker.com/magazine/EXT-INTERACTIVE-1.8783834 |url-status= |language=he |work=[[TheMarker]] |access-date=2021-11-23 |via= |quote=}}</ref> |
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====Electra Real Estate==== |
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Electra Real Estate manages five private capital funds, with a focus on acquisition, management and rental of housing in the American Southeast, though is active is several countries. The company began as a [[multifamily residential]] [[real estate]] [[investment fund]], and moved into other areas such as a [[Bond fund|debt fund]] and a US hotel fund, through its subsidiary Electra America.<ref>{{Cite web|url=https://therealdeal.com/national/2021/02/26/electra-america-aka-launch-500m-hotel-fund/|title=Electra America, AKA launch $500M hotel fund|author=Katherine Kallergis|work=[[The Real Deal (magazine)|The Real Deal]]|date=2021-08-10|access-date=2021-11-24}}</ref> The company employed 800 people in 2021, and is headquartered in [[Tampa, Florida|Tampa]], [[Florida]].<ref>{{cite web |url=https://www.bizjournals.com/orlando/news/2021/03/05/florida-joint-venture-to-turn-thousands-of-new-hom.html |title=Florida joint venture to turn thousands of new homes into rentals |author1=Brian Bandell |author2= Alex Soderstrom| website=[[American City Business Journals]] |access-date=2021-11-30}}{{subscription required|s}}</ref> |
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====Supergas Energy==== |
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Headquartered in [[Netanya]], Supergas Energy’s main fields of activity are distribution of [[Liquefied petroleum gas|LPG]] and [[natural gas]], establishing a natural gas distribution chain in Israel’s central and northern regions, and planning and opening natural gas systems, including the opening and running of [[natural gas power station]]s and [[cogeneration]] projects.<ref>{{cite web |url=https://www.tase.co.il/en/market_data/company/1804/about |title=Supergas Energy Ltd |website=[[Tel Aviv Stock Exchange]] |access-date=2021-11-24}}</ref> |
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In 2021, as part of a move into [[renewable energy]], the company acquired a 30% stake in a renewable energy company which installs and develops [[Solar Energy Generating Systems|solar energy generation]] sites in Israel, and later took in a stake in Balanced Rock Power, a [[Utah]]-based developer of utility scale solar projects throughout North America.<ref>{{Cite web|url=https://www.powerfinancerisk.com/article/28worglqxjnr1ted9npxc/news/m-a/israeli-investor-emerges-for-utah-based-renewables-developer|title=Israeli investor emerges for Utah-based renewables developer|author=Alfie Crooks|work=[[Euromoney Institutional Investor|Power Finance and Risk]]|date=2021-08-10|access-date=2021-11-24}}{{subscription required|s}}</ref> |
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==Partnerships== |
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Elco maintains a range of partnerships with global brands.<ref>{{cite web |url=https://www.elco.co.il/#partnership |title=Partnership with global brands |website= Elco|access-date=2021-12-09}}</ref> |
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{| class="wikitable sortable" |
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|- |
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! Company !! Establishment of partnership !!Sector |
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|- |
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| [[Otis Worldwide|OTIS]] |
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| 1967 |
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| Elevators, escalators, moving walkways |
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|- |
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| [[Whirlpool Corporation|Whirlpool]] |
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| 1991 |
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| Home appliances |
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|- |
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| [[Miele]] |
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| 1995 |
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| Domestic appliances and commercial equipment |
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|- |
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| [[Liebherr]] |
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| 1995 |
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| Heavy machinery and domestic appliances |
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|- |
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| [[Philips]] |
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| 1996 |
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| Electronics conglomerate |
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|- |
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| [[Daikin]] |
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| 2012 |
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| Air conditioning |
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|- |
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| [[Viessmann]] |
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| 2015 |
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| Heating, industrial, and refrigeration systems |
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|- |
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| [[Eaton Corporation|Eaton]] |
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| 2016 |
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| Power management |
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|- |
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| [[Breville Group|Breville]] |
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| 2019 |
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| Home appliances |
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|- |
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| [[Robert Bosch GmbH|Bosch]] |
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| 2020 |
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| Broad-based conglomerate |
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|- |
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| [[Columbia Sportswear]] |
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| 2021 |
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| Apparel and outdoor leisure equipment |
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|- |
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| [[7-Eleven]] |
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| 2021 |
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| Retail (Convenience stores) |
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|- |
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| [[Carrier Global]] |
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| {{Data missing|date=December 2021}} |
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| Home appliances and air conditioning |
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|- |
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| [[Midea Group|Midea]] |
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| {{Data missing|date=December 2021}} |
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| Home appliances and [[HVAC]] products |
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|} |
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==Social Good== |
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Elco publishes an annual [[environmental, social and corporate governance]] (ESG) report.<ref>{{cite news |author= |date=2020 |title=Elco Environmental, Social and Governance |url=https://www.isa.gov.il/%d7%94%d7%95%d7%93%d7%a2%d7%95%d7%aa%20%d7%95%d7%a4%d7%a8%d7%a1%d7%95%d7%9e%d7%99%d7%9d/Corporate_Reports/Documents/ElcoLtdESGreport.pdf |url-status= |language=he |work=[[Israel Securities Authority]] |access-date=2021-11-23 |quote=}}</ref> |
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===The Gershon Salkind Scholarship Fund=== |
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Elco allocates US$1 million annually through its subsidiaries to the Gershon Salkind Scholarship Fund to sponsor academic studies for outstanding candidates.<ref>{{cite news |author=Itzik Wolfe |date=2019-01-17 |title=אלקו תקצה 1 מלש"ח בשנה לקרן מלגות |trans-title=Elco will allocate ILS 1 million per year to a scholarship fund |url=https://www.news1.co.il/Archive/001-D-410226-00.html |url-status= |language=he |work=[[News1]] |access-date=2021-11-23 |via= |quote=}}</ref> |
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===Contribution to communities=== |
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The group and its employees contribute to a range of community causes. Elco community partners include:<ref>{{Cite web|url=https://www.elco.co.il/excellence|title=Community partners|work=Elco|access-date=2020-09-11}}</ref> |
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{{Col-begin}} |
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{{Col-break}} |
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* ILAN - The Israel Association for Children with Disabilities |
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* The Bne Arazim School: an elementary school established in 1974 for children with behavioral difficulties |
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* Lev Hash Association: provides assistance to socially disadvantaged groups with financial, health and mental problems |
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* Flora Gardens Haifa Complex: urban therapeutic garden and urban center for special education |
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{{Col-break}} |
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* Etzion Bnei Brak School: a multi-regional school for children with cognitive difficulties |
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* Chimes Israel: helps adults and children with symptoms of cognitive decline |
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* Virtus Israel: experiential and competitive sports activities for children and adults with cognitive and autistic disabilities.{{col-end}} |
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The Eitan Berglas School of Economics at [[Tel Aviv University]] lists Elco as a donor.<ref>{{Cite web|url=https://en-econ.tau.ac.il/friends|title=Friends of the Eitan Berglas School of Economics|work=[[Tel Aviv University]]|access-date=2021-11-24}}</ref> |
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== See also == |
== See also == |
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* [[TA-125 Index]] |
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* [http://www.elco.co.il/Default.aspx?PageId=0 Official site] |
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* [[Economy of Israel]] |
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==References== |
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{{reflist}} |
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==External links== |
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* {{official|http://www.elco.co.il/}} |
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{{TA 100 companies}} |
{{TA 100 companies}} |
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[[Category:Companies based in Tel Aviv]] |
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[[Category:Holding companies of Israel]] |
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[[Category:Manufacturing companies of Israel]] |
[[Category:Manufacturing companies of Israel]] |
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[[Category:Electronics companies of Israel]] |
[[Category:Electronics companies of Israel]] |
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Latest revision as of 13:47, 18 July 2024
 | |
Native name | אלקו בע"מ |
|---|---|
| Company type | Public |
| TASE: ELCO | |
| Industry | Electronics, white goods, manufacturing, construction, real estate, apparel, retail, food and beverage, others |
| Founded | 1949[1] |
| Founder | Alexander Salkind |
| Headquarters | Electra Tower, Yigal Alon St 98[2], , |
Key people | Daniel Salkind (Co-CEO) Michael Salkind (Co-CEO)[3] [4] Avraham Israeli (Executive Vice President)[5] Eliezer Vessesly (CFO) Mordechai Friedman (Chairperson)[6] |
| Revenue |  US$4.76 billion[7] (2021) |
| Total assets | US$6.12 billion NAV[7] (2021) |
| Owners | Daniel and Michael Salkind (controlling shareholders)[8] |
Number of employees | 21,000 (2021) |
| Website | elco.co.il |
Elco Ltd. is an international conglomerate holding company headquartered in Tel Aviv, Israel. The company was founded in 1949 by Alexander Salkind, and has been managed since its establishment by three generations of the Salkind family. It is the parent company of Electra, Electra Consumer Products, Electra Real Estate, Supergas and others. By 2021 the company’s subsidiaries were active in 17 countries, with more than 21,000 employees, and a production site in Israel where it manufactures air conditioning units and electromechanical equipment.[1]
The company is one of the top traded companies on the Tel Aviv Stock Exchange and is included in the TA-90 Index of top shares, trading under the ticker symbol ELCO.
History
[edit]Background
[edit]In 1933 in Germany, Alexander Salkind left his home along with his family and relocated to what was then Mandatory Palestine. Prior to that he had owned factories in Germany and England producing parts for radios. Alexander's father had been an industrialist in Russia, and owned factories producing steam engines.[9]
Alexander's son Gershon (born Georg, in 1928) studied at the Herzliya Gymnasium in Tel Aviv and later at the Swiss Federal Institute of Technology in Zürich. Gershon served in the Armored Corps[9] of a predecessor organization of the modern IDF.[9]
Early history
[edit]
Alexander Salkind founded Elco in 1949, with J. Spielberger and Discount Investments, as an electromechanical factory in Ramat Gan. The company became the sole supplier of power transformers to the Israel Electric Corporation, and the company also exported its own products. In 1963, the company's securities were listed on the Tel Aviv Stock Exchange.[10]
Alexander's son, Gershon Salkind, joined the company in the early 1950s, and in the early 1970s management of the company was transferred to him.
The company opened a new manufacturing plant in Ramat HaSharon in the early 1970s. Meanwhile a factory for the production of electricity meters, under the subsidiary Elcomet, was established in Safed/Tsfat. In 1973, the subsidiary Elco Contracting and Services, headquartered in Herzliya, was established and engaged in the installation of electrical and electromechanical equipment. In 1975, the control and computer division Elcontrol were founded. A new subsidiary, Elco Fire Detection was established to engage in the assembly and maintenance of fire detection and automatic extinguishing systems.
In 1987, a number of shareholders attempted to acquire control of Elco. By purchasing the stakes owned by Discount Investments and the Danot Investment Company, Gershon Salkind thwarted the attempted takeover, and increased his share of the company to 80%. It was from this point on that Salkind made mergers and acquisitions a core strategy of the business.[11]
In 1989, the company acquired the competing company Katzenstein Adler.[12] In the same year, the company began a process to reorganize the group's structure, so that at the end of the process it became a holding company.
1990–2009
[edit]
In 1991, Elco acquired Electra from CLAL Industries, and expanded its operations into the field of air conditioning, elevators, and contracting.
In the late 1990s, Electra Real Estate was established, which acquired income-generating real estate in Europe and the United States.
Elco acquired the French conglomerate Brandt in 2002[13] for 250 million euro, with unions welcoming the takeover.[14] The resulting conglomerate was one of the largest white appliance manufacturers in the world, and engaged in the manufacture and marketing of products such as ovens, stoves, washing machines, dryers, refrigerators and freezers, and operated under the name Elco-Brandt for several years. It was sold in June 2005 for a profit of 100 million euro.
In 2008, the group's transformer manufacturing activity was sold to the Swiss industrial group Von Roll Holding for ILS 290 million, with a pretax capital gain of ILS 120 million on the sale, despite the global financial crisis.[15]
2010–present
[edit]In February 2014, the company changed its name from Elco Holdings Ltd. to Elco Ltd.
In 2016 Elco sold the land in Ramat HaSharon where the company's manufacturing plant had been located. It also sold LAT, a residential real estate subsidiary in the US, and land in China. All of these transactions contributed to making the company debt-free for the first time, ushering in a new era of M&A.
In January 2017 it was announced that Electra Consumer Products had reached an agreement to buy the cellular network Golan Telecom for ILS 350 million,[16] and the deal was completed in April 2017.[17] Electra Consumer Products sold Golan Telecom in August 2020 to Cellcom — one of the "big three" mobile operators in Israel — for a price of ILS 513 million in cash,[18] making a capital gain of ILS 163 million.
In September 2017, the company acquired the operations of the Globus Max Cinema Chain for ILS 144 million (US$40.9 million), beating five other bidders.[19]
Upon the death of Gershon Salkind in September 2017, his sons Daniel and Michael became the controlling shareholders and were appointed co-CEOs of the company.[20]
In July 2019, Elco acquired Granite Hacarmel, which owns natural gas distributor Supergas, for ILS 770 million.[21]
In August 2020, Calcalist reported that Bosch and Electra were to set up a HVAC manufacturing facility in Israel, in Ashkelon, investing US$29.6 million in the facility.[22] The products manufactured in the facility will be distributed worldwide by Bosch, according to the report, with the companies expecting to control 10% of the European heat pump market within four years.
Also in 2020, Elco's subsidiary in Poland, Electra M&E Polska, signed an agreement with US electric vehicle manufacturer, Tesla, to perform electromechanical work at its first European production facility, Gigafactory Berlin-Brandenburg,[23] in a deal worth US$80 million. According to Calcalist, Electra M&E Polska has also completed electromechanical projects for German auto marques Volkswagen, Audi and Mercedes-Benz in deals totaling more than US$75 million.[24]
In January 2021 Electra acquired control of Amnon Mesilot, which owns 100% of Afikim, one of Israel's main bus transport companies, which it rebranded to Electra-Afikim. At the time of acquisition, Afikim was operating 840 buses on 250 routes, with annual ridership of about 60 million passengers.[25] In May of the same year the company acquired Egged Ta'avura for ILS 200 million, resulting in it becoming the country's third largest bus operator.[26]
In 2021 Elevator World magazine named the escalator at Jerusalem–Yitzhak Navon railway station the global Project of the Year in the "Escalators (New Construction)" category.[27] Elco and long time partner OTIS carried out the project.[28]
.svg){kind=spacer}
In May 2021 Elco acquired the supermarket chain Yeinot Bitan through its Electra Consumer Products subsidiary, with the deal including Yeinot Bitan's network of Mega-branded stores.[29]
In October 2021 Electra Consumer Products signed a 20-year franchise agreement with the US-based international convenience store chain 7-Eleven to operate the brand in Israel, with an option to extend the agreement for a further 50 years.[30][31][32]
Also in 2021, Elco took a 29.8% stake in IDB Investments, the owner of several well known companies in Israel.[33]
Subsidiaries
[edit]
Publicly traded subsidiaries
[edit]The company operates as a array of subsidiaries, four of which are publicly traded:
Electra
[edit]Founded in 1945, Electra’s main activities are construction, infrastructure and electromechanical systems primarily in Israel and the United States; facilities management, and establishing and developing real estate projects. The company is listed on the Tel Aviv Stock Exchange and part is of the TA-35 Index, with annual revenue of US$2.5 billion in 2020. The company is headquartered in Tel Aviv, operates in 17 countries and employed 13,200 people in 2021.
Electra Consumer Products
[edit]Listed in the TA-90 Index, Electra Consumer Products is organized into five divisions: electric consumer products; retail of electrical consumer goods; food retail; sports and leisure; and real estate.
With more than 6,500 employees, Electra Consumer Products is focused on the import, export, marketing, sales, distribution and retail of air conditioning systems and electric consumer products. The company operates a chain of supermarkets and also holds the 7-Eleven convenience store franchise in Israel. The company also holds the concession in Israel for the global brand, Columbia Sportswear, and operates a chain of sports and leisure stores, for a total of 250 retail stores when combined, as well as owning 25,000 square meters of commercial real estate.
In 2021 the company partnered with a recycling company to build the first recycling plant for Large Domestic Appliances, also known as heavy electronic waste — such as refrigerators and air conditioners — in Israel, taking control of the entire value chain from production to recycling. The plant is planned to open in 2022, it will comply with European CENELEC standards, and will have a capacity of approximately 30,000 tons per year.[34]
In late 2021 Electra Consumer Products announced a move into solar energy, having signed an agreement with SolarEdge, under which a subsidiary company, Electra Solar, will sell SolarEdge's products for domestic solar setups in Israel, and having also acquired control of Solar Sensei, which represents US solar panel company SunPower in Israel, and imports, produces and distributes solar equipment such as solar panels, converters, and optimizers.[35]
Electra Consumer Products was included in a list of the best 100 companies to work for in 2020, by the business ranking firm, CofaceBDI.[36]
Electra Real Estate
[edit]Electra Real Estate manages five private capital funds, with a focus on acquisition, management and rental of housing in the American Southeast, though is active is several countries. The company began as a multifamily residential real estate investment fund, and moved into other areas such as a debt fund and a US hotel fund, through its subsidiary Electra America.[37] The company employed 800 people in 2021, and is headquartered in Tampa, Florida.[38]
Supergas Energy
[edit]Headquartered in Netanya, Supergas Energy’s main fields of activity are distribution of LPG and natural gas, establishing a natural gas distribution chain in Israel’s central and northern regions, and planning and opening natural gas systems, including the opening and running of natural gas power stations and cogeneration projects.[39]
In 2021, as part of a move into renewable energy, the company acquired a 30% stake in a renewable energy company which installs and develops solar energy generation sites in Israel, and later took in a stake in Balanced Rock Power, a Utah-based developer of utility scale solar projects throughout North America.[40]
Partnerships
[edit]Elco maintains a range of partnerships with global brands.[41]
| Company | Establishment of partnership | Sector |
|---|---|---|
| OTIS | 1967 | Elevators, escalators, moving walkways |
| Whirlpool | 1991 | Home appliances |
| Miele | 1995 | Domestic appliances and commercial equipment |
| Liebherr | 1995 | Heavy machinery and domestic appliances |
| Philips | 1996 | Electronics conglomerate |
| Daikin | 2012 | Air conditioning |
| Viessmann | 2015 | Heating, industrial, and refrigeration systems |
| Eaton | 2016 | Power management |
| Breville | 2019 | Home appliances |
| Bosch | 2020 | Broad-based conglomerate |
| Columbia Sportswear | 2021 | Apparel and outdoor leisure equipment |
| 7-Eleven | 2021 | Retail (Convenience stores) |
| Carrier Global | [data missing] | Home appliances and air conditioning |
| Midea | [data missing] | Home appliances and HVAC products |
Social Good
[edit]Elco publishes an annual environmental, social and corporate governance (ESG) report.[42]
The Gershon Salkind Scholarship Fund
[edit]Elco allocates US$1 million annually through its subsidiaries to the Gershon Salkind Scholarship Fund to sponsor academic studies for outstanding candidates.[43]
Contribution to communities
[edit]The group and its employees contribute to a range of community causes. Elco community partners include:[44]
|
|
The Eitan Berglas School of Economics at Tel Aviv University lists Elco as a donor.[45]
See also
[edit]References
[edit]- ^ a b "Elco Ltd.: About the company". Dun & Bradstreet. Retrieved 2021-11-24.
- ^ "Elco Ltd. Company Profile". The FT. Retrieved 2021-11-23.
- ^ "Executives". Bloomberg. Retrieved 2021-11-23.
- ^ "Officers & Directors". Reuters. Retrieved 2021-11-23.
- ^ "Board & Management". Tel Aviv Stock Exchange. Retrieved 2021-11-23.
- ^ "ELCO-IL:Tel Aviv Stock Exchange". CNBC. Retrieved 2021-11-23.
- ^ a b "Elco Ltd. financial statements". The Wall Street Journal. Retrieved 2022-04-30.
- ^ Aviv Levy (2021-05-06). "The Salkind brothers' M&A machine". Globes. Retrieved 2021-11-22.
The brothers hold 65% of the company
- ^ a b c "דור שלישי בתעשיה" [Third generation in industry]. Maariv (in Hebrew). National Library of Israel. 1969-11-18. Retrieved 2021-12-09.
- ^ "הנפקת מניות ראשונה של "אלקו" להרחבת המפעל האלקטרו-מכני" [Elco's first stock offering for the expansion of the electromechanic plant]. HaBoker (in Hebrew). National Library of Israel. 1963-06-11. Retrieved 2021-12-08.
- ^ Shai Shalo (1999-04-12). "זלקינד רכש מניות חברה אמריקנית, שבעשור הקודם הצילה עבורו את אלקו" [Salkind bought shares in an American company that in the previous decade had saved Elco for him]. Globes. Retrieved 2021-12-08.
The brothers hold 65% of the company
- ^ Yoav Yitzhak (1989-06-06). "חשמל זורם" [Flowing electricity]. Maariv (in Hebrew). National Library of Israel. Retrieved 2021-12-08.
- ^ "Europe: France: Moulinex Deal Set". The New York Times. 2002-01-16. Retrieved 2021-12-09.
French commercial court awards control of Moulinex Brandt Group white-goods division, which manufactures stoves and other large kitchen appliances, to Elco Holdings Ltd of Israel
(Subscription required.) - ^ Frédéric Pons (2002-01-16). "Brandt repris par l'inconnu Elco" [Brandt taken over by the unknown Elco]. Libération (in French). Retrieved 2021-12-09.
- ^ Sharon Baider (2008-09-16). "Electra sells transformer manufacturing unit". Globes. Retrieved 2021-12-09.
Electra Ltd. (TASE: ELTR) has sold its transformer manufacturing subsidiary Enerco Enterprises Ltd. to Switzerland's Von Roll Holdings AG (SWX: ROL) for NIS 290 million
- ^ "Electra signs deal to buy Golan Telecom". Globes (in Hebrew). March 2017. Retrieved 2021-12-09.
- ^ Ziv, Amitai; Azran, Eran; Rochvarger, Michael; Sasson, Assa; Zerachovitz, Omri; Reuters (2017-04-06). "Electra Consumer Completes Golan Telecom Acquisition After Last-minute Snags". Haaretz. Retrieved 2021-12-09.
{{cite news}}:|last6=has generic name (help) - ^ "Approved: Merger of Cellcom and Golan completed". Calcalist. 2020-08-26. Retrieved 2021-12-09.
- ^ "Elco Wins Bidding for Bankrupt Globus Max Cinema Chain". Haaretz. 2017-09-08. Retrieved 2021-12-09.
- ^ "Elco controlling shareholder Gershon Salkind dies". Globes. 2017-09-26. Retrieved 2021-12-09.
- ^ Guy Ben Simon (2019-07-28). "Azrieli Group has agreed to sell Granite Hacarmel, which owns gas distributor Supergas, to Elco Holdings". Globes. Retrieved 2021-12-09.
- ^ Orna Yafet (2020-09-07). "Bosch, Electra to set up HVAC manufacturing facility in Israel". Calcalist. Retrieved 2021-12-09.
- ^ Joey Klender (2020-09-03). "Tesla lands 'Alien Dreadnought' contract for Giga Berlin". Teslarati. Retrieved 2021-12-09.
Tesla has inked a deal with Israel's Electra Group and its subsidiary, M&E Polska, to perform electromechanical work at the Giga Berlin production facility
- ^ Hezi Sternlicht (2020-09-03). "Israel's Electra Group Strikes $80 Million Deal With Tesla". Teslarati. Retrieved 2021-12-09.
Tesla has inked a deal with Israel's Electra Group and its subsidiary, M&E Polska, to perform electromechanical work at the Giga Berlin production facility
- ^ Golan Hazani (2021-01-03). "אלקטרה רוכשת את השליטה באפיקים ב־74 מיליון שקל" [Electra acquires control of afikim for nis 74 million]. Calcalist (in Hebrew). Retrieved 2021-12-09.
- ^ "Buying Egged-Ta'avura makes Electra Afikim 3rd largest bus co". Globes. 2021-05-05. Retrieved 2021-12-09.
- ^ "Project of the Year 2021 Winners". Elevator World. Retrieved 2021-12-09.
- ^ "Elevator World Project of the Year: Yitzchak Navon Train Station". OTIS. 2021-01-12. Retrieved 2021-12-09.
- ^ "Electra Consumer Products signs Yeinot Bitan acquisition deal". Globes. 2021-05-05. Retrieved 2021-12-09.
- ^ Stuart Winer (2021-10-12). "7-Eleven to open hundreds of stores in Israel, but they'll be closed on Shabbat". The Times of Israel. Retrieved 2021-12-09.
- ^ Zeb Stub (2021-10-12). "Oh thank heaven: 7-Eleven is coming to Israel". The Jerusalem Post. Retrieved 2021-12-09.
- ^ Navit Zomer; Meirav Crystal (2021-10-12). "7-Eleven to open its first store in Israel in 2022". Ynet. Retrieved 2021-12-09.
- ^ Omri Cohen (2021-06-03). "זלקינד רכש מניות חברה אמריקנית, שבעשור הקודם הצילה עבורו אתאלקו השלימה רכישה של 29.8% ממניות דיסקונט השקעות" [Elco has completed the acquisition of 29.8% of Discount Investments shares]. Globes. Retrieved 2021-12-08.
The brothers hold 65% of the company
- ^ "The first plant of its kind in Israel for recycling refrigerators and heavy electrical equipment will be established in 2022". All Recycling. 2021-11-01. Retrieved 2021-12-08.
- ^ Guy Lieberman (2021-11-01). "Electra Consumer Products enters solar power business". Globes. Retrieved 2021-11-22.
The brothers hold 65% of the company
- ^ Sivan Klingbail (2021-01-03). "דירוג :2020 גם בימי קורונה: 100 החברות שהכי כדאי לעבוד בהן בישראל" [Ranking 2020: Even in Corona days: The 100 best companies to work in Israel]. TheMarker (in Hebrew). Retrieved 2021-11-23.
- ^ Katherine Kallergis (2021-08-10). "Electra America, AKA launch $500M hotel fund". The Real Deal. Retrieved 2021-11-24.
- ^ Brian Bandell; Alex Soderstrom. "Florida joint venture to turn thousands of new homes into rentals". American City Business Journals. Retrieved 2021-11-30.(Subscription required.)
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- ^ Itzik Wolfe (2019-01-17). "אלקו תקצה 1 מלש"ח בשנה לקרן מלגות" [Elco will allocate ILS 1 million per year to a scholarship fund]. News1 (in Hebrew). Retrieved 2021-11-23.
- ^ "Community partners". Elco. Retrieved 2020-09-11.
- ^ "Friends of the Eitan Berglas School of Economics". Tel Aviv University. Retrieved 2021-11-24.
