Kanfit Ltd. partners with Rafael Advanced Defense Systems
The Israeli defense contractor has acquired a 50% stake in Kanfit Ltd.
Source | Kanfit Ltd.
Kanfit Ltd. (Migdal HaEmek, Israel) has announced that Israeli defense contractor Rafael Advanced Defense Systems has acquired a 50% stake in its company. Kanfit is a private company owned by Shai and Shula Fine, who will keep a 50% stake in the company following the deal, which is valued at tens of millions of shekels.
Founded in 1986, Kanfit manufactures primary and detailed parts, sub-assemblies, and fit-to-fly assemblies made from composites as well as sheet and block metals, and combinations of both types of materials.
Rafael focuses mainly on advanced systems such as precision-guided missiles, air and missile defense systems, and naval defense systems.
In addition, Kanfit recently purchased a new 11,000-square-meter (118,000-square-foot) manufacturing plant, which is approximately three times the size of its current facility. The company move is expected to be completed by the end of 2019.
“The partnership will combine the excellence and quality of our two companies in the field of composite materials and will help to develop and create new technological capabilities,” says Shai Fine, Kanfit founder and general manager. “The acquisition and the synergy between Rafael and Kanfit will serve as a springboard to catapult Kanfit to a new level both domestically and internationally.”
“The move is part of Rafael's overall readiness to provide advanced production capabilities in composite materials and will enable us to expand production capacity,” says Ayelet Shapira, senior vice president of Rafael. “We have identified Kanfit as an important center of knowledge for composite manufacturing, with unique capabilities in the Israeli market, which will enhance Rafael's competitive position in the local and global markets.”
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