Ashot Ashkelon

Ashot Ashkelon Industries Ltd
Native name
עשות אשקלון תעשיות
Company typePublic company
TASE: ASHO
IndustryDefense, Automotive
Founded1951; 73 years ago (1951)
FounderEfraim Ilin
Headquarters
Ashkelon
,
Israel
RevenueIncrease₪ 340.93 million (2015)
Increase₪ 17.24 million (2015)
Total equity₪ 224.25 million (2015)
Number of employees
560 (2015)
Parent
SubsidiariesReliance Gear Corporation
Websitewww.ashot.co.il
Ashot supplied parts for the Allison jet engine

Ashot Ashkelon Industries Ltd (TASE: ASHO) is an Israeli manufacturer of build to print products such as: gears, transmissions and gearboxes to the Aerospace,[1] Military, and Automotive industries. Headquartered in Ashkelon, it has 560 employees.[2]

Ashot was a subsidiary of the Israel Military Industries Ltd. (IMI, also known as IMI Systems and later Elbit Systems Land)[3] and is publicly traded on the Tel Aviv Stock Exchange. Following the purchase of IMI by Elbit Systems in 2018, it was controlled by Elbit Systems Land.

On June 30, 2022, FIMI Opportunity Funds acquired a majority stake in Ashot for $84 million.[4]

History

Ashot Ashkelon was founded in 1951 as Kaiser-Ilin Industries by businessman Efraim Ilin.[5] Initially as a factory for assembling Kaiser-Frazer cars and Mack Trucks under license; Kaiser-Ilin had two production sites, one in Haifa (which opened in 1951) where the vehicle assembly line was based and one in Ashkelon (which was opened in 1960), for manufacturing spare parts for automotive equipment, gears and metal-working machinery.[6]

During the 1960 the company got into financial difficulties and the vehicle assembly line was closed; the Ashkelon plant continue to operate at a loss. In 1967, it was acquired by Israel Military Industries and its name changed to Ashot Ashkelon Industries.

In 1990, Ashot signed a long term supply contract with Boeing to manufacture transmission systems used in the rudder mechanisms of Boeing 747 and Boeing 757 aircraft.[7]

In 1992, the company had an initial public offering on the Tel Aviv Stock Exchange. The same year, the company signed a 20 years frame agreement with the Allison Engine Company, at the time a division of General Motors, to manufacture parts for 20 different engine types. The agreement was estimated to represent a total potential income of $100–140 million.[8]

In 2007, Ashot won a tender to manufacture the Drivetrain and hydro-mechanical suspension enabling cross-country mobility, for both the Merkava Mk. 4[9] tank and the Namer Armoured personnel carrier.[10]

In 2011, Ashot acquired Illinois based Reliance Gear Corporation, a manufacturer of custom and precision gearing that was founded 1965, which today operates as a fully owned subsidiary of Ashot.[11]

Products

See also

References

  1. ^ Hybrid-Electric Propulsion For Rotax Archive
  2. ^ "About Ashot". Archived from the original on 2009-03-09. Retrieved 2009-01-08. Official About Page
  3. ^ Israel Defense (13 August 2012). "Another deal for Ashot Ashkelon". Israel Military Industries. Archived from the original on 5 November 2012. Retrieved 17 April 2013.
  4. ^ "Elbit Systems Completes the Sale of Ashot to FIMI Opportunity Funds for $84 Million". PR Newswire. Retrieved 2022-12-30.
  5. ^ Kaiser-frazer Company Announces Establishment of Automobile-assembly Plant in Haifa, March 8, 1950
  6. ^ American Kaiser Company Plans Three New Factories in Israel, September 26, 1958
  7. ^ Ashot gets $48 M Boeing orders, Israel Business Today, May 29, 1992
  8. ^ Ashot frames GM. (Ashot Ashkelon Industries' aircraft engine contract with General Motors Corp. Allison Transmission Div.) Israel Business Today, 14 August1992
  9. ^ International debut for Israel's Newest Merkava Mk4, Defense Update, Oct 2010
  10. ^ Enter the Namer - An update on the Merkava based Infantry Fighting Vehicle, Defense Update, Oct 2010
  11. ^ Ashot Ashkelon: Defense industry success story The defense contractor's revenue has risen from NIS 17 million to NIS 230 million within seven years Archived June 3, 2016, at the Wayback Machine, Yuval Azulai, Globes 28/03/2013

External links