According to a report by Israeli news outlet Globes, shares of spunlace maker NR Spuntech Industries have increased 50% this year following a takeover bid from one of its competitors. The business news website did not hint at which competitor had issued the bid, but industry insiders speculate it could be fellow Israeli spunlace maker Albaad Industries. Such a move would increase Albaad’s manufacturing footprint in the U.S. where it currently operates a converting operation known as AFG Wipes in Winston-Salem, N.C.
Based in Upper Tiberias, Israel, Spuntech’s main shareholders are Nissan Industries (68%), controlled by Yehezkel Nissan, Judith Recanati's Gandir Investments (14%), and Psagot (7%). Its largest factory is in Roxboro, N.C. and sales amount to approximately $113 million per year, much of which is targeted at the wipes market in the U.S. and Europe.
In addition to Spuntech and Albaad, major Israeli nonwovens producers include Shalag Industries, which also serves the wipes and other hygiene industries, and Avgol Nonwovens Industries, which is one of the world’s largest makers of spunbond nonwoven fabrics for baby diapers and other disposable goods.
Spuntech shares up on takeover rumor