Shapir Industries acquires Fritz's operations
Shapir Engineering and Industry, controlled by the Shapira brothers, announced yesterday to the stock exchange about the signing of an agreement to acquire the operations of Fritz Company from Yair Nuriel. It should be noted that in July 2021, it was reported that an option agreement was signed between the parties for the purchase of Fritz Company’s shares from Ang Asher, which holds Fritz Company’s shares. The company was valued at approximately 300 million shekels at that time.
The transferred activity includes, among other things, all the agreements of Fritz, including agreements with customers, employees, suppliers, and tenants. Shapir Industries further stated that “the acquisition of the transferred activity will enable the company to establish its planned logistics and international Freight activity.”
Following the announcement of the agreement, Amos Gabay, CEO of the Fritz Group, informed the company’s customers and suppliers in a letter that Fritz’s logistics and Forwarding activity, including the existing management structure and employees, will be transferred to the ownership of the Shapir Group. According to the letter, “there will be no difference in your ongoing work, and the relevant factors in Fritz will continue to receive from you and provide you with the full services you are accustomed to under the same management and employees, with a unified and shared goal of improvement, efficiency, and enhancement of existing services.” Gabay also noted in his letter that the transfer of the activity does not include Levnon Kogen, Molihey Dror, and Fritz Trade.
Gabay mentioned in his letter that Shapir recently started a major supply center project for the IDF, in which advanced logistics centers, covering an area of approximately 220,000 square meters, will be operated.
It should be noted that Shapir Industries is a publicly traded company and is one of the 35 companies listed on the Tel Aviv Stock Exchange.
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