Yitzhak Tshuva's Commutech Holding and Investments (TASE:CMT) today told the stock market one of its subsidiaries in which it has a 75% stake, was negotiating with the Israeli branch of Siemens Energy and Automation to sign an agreement by which the subsidiary will become the main distributor of Siemens cell phones and accessories to Israeli cellular operator Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD).
Ituran Cellular, the granddaughter company of Ituran Location and Control, signed a memorandum of understanding with Siemens for exclusive distribution of Siemens products in July 2001. The memorandum never became a full-blown contract.
Yitzhak Tshuva wants to expand his activity to the market of end devices, estimated at more than 3 million devices a year.
Commutech is in fact a stock market company engaged in venture capital. It is a holding of Yitzhak Tshuva's through his Green Fund (34%) and Delek (37%).
The end devices market has become attractive to many in the last year. Among the players are Polar Investments (Hyundai, Ericsson-Siemens), Mitsubishi Electric Corporation, and Suny Electronic, Eurocom and Motorola Communications Israel.