Ljubljana, 18 May (STA) - Huliot, a, Israeli plastics company specialising in plumbing products, has acquired the Slovenian maker of plumbing pipes Argo for an undisclosed sum believed to be around EUR 4m.
The news was reported by NLB bank, which sold a 75% stake to Huliot that it had acquired as collateral for a loan.
The value of the deal has not been disclosed, but Globes, an Israeli business portal, values it at about EUR 4m.
Argo, a limited liability company with 39 employees, had sales of EUR 4.2m in 2012, the latest year for which data are publicly available, while Huliot is almost ten times its size.
According to Globes, Huliot, which is owned Kibbutz Sde Nehemia in the Upper Galilee, has so far been limited mainly to the Israeli market and the acquisition gives it a crucial footprint in Europe.