Clal could post $8 million from sale of International Technologies Lasers

Clal Industries & Investments of the IDB group today announced that it has sold its holdings in International Technologies Lasers. The move is part of Clal's reorganization.

Clal is to sell most of its 74.15% holdings to a group headed by ITL CEO Amichai Robb, in return for some $7.25 million. This reflects a $9.8 company value, 38% above the market. Clal is expected to post NIS 8 million in capital gains.

Clal could be paid up to $9.51 million, depending, among other things, on ITL's sales volume in the coming years.

ITL is an electro optics firm that operates in the defense and civil market. Itscustomers include the Israel Defense Forces, the American army, NATO.

More from Technology

With 'Uninspiring' iPhone Sales, Apple Eyes Software as its Next Cash Cow

With 'Uninspiring' iPhone Sales, Apple Eyes Software as its Next Cash Cow

Lee Munson: Not Peak FANG Yet

Lee Munson: Not Peak FANG Yet

Nvidia Is Taking Over the Autonomous Driving Industry -- Here's How

Nvidia Is Taking Over the Autonomous Driving Industry -- Here's How

Video: General Electric Shares Slump Amid Weakness in Power Division

Video: General Electric Shares Slump Amid Weakness in Power Division

Here's Why Alphabet, Facebook and Amazon Earnings May Overshadow Tariff Worries

Here's Why Alphabet, Facebook and Amazon Earnings May Overshadow Tariff Worries