Turkey's Sel bidding to buy Schieffer Magam's hose unit

Administrator on Tue Oct 18, 2011 4:22 am

Turkey's Sel bidding to buy Schieffer Magam's hose unit

19 September 2011

Caesarea, Israel -- Unconfirmed reports suggest that Turkish hose maker Sel A.S. has reached a Heads of Agreements with Magam in which Sel is acquiring the equipment and business of the Hose Division of Schieffer Magam in Caesarea, Israel.

Schieffer Magam's Conveyor Belt Division is not part of the agreement, but will be managed by Schieffer themselves. This division has traditionally been the more profitable one.

Sel intends to continue to supply Schieffer GmbH with hoses from both the existing plants in Turkey and Israel.

ERJ is seeking confirmation of the deal, but the information has come from usually-reliable sources close to the deal, and gives significant detail on the negotiations, saying that Schieffer Magam staff are currently undergoing training at SEL's facilities in Turkey.