Following the increase in demand on canvas, there is an organizational change – the capital market

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Base:7,000

opening:7,116

Tall:7,660

low:7,115

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Engaged in the production and marketing of damp cloths, and non-woven fabrics, announces that it has decided to change the organizational structure and move to activity through five divisions. The company’s operations will concentrate on three geographical wipes divisions (Europe, USA and Israel and the rest of the world), a fabric division that will concentrate the fabric production (in the various technologies) and the tampon division. Elbad will move to operate on the basis of the new divisional structure starting in January 2021.

The organizational change, as the Corona crisis created high demand for the company in Europe and the US for wipes in general and disinfectant wipes in particular. Following this, the company’s board instructed management to examine and promote ways to focus on developing the core business in Europe and the US.

According to the company, activities in the US and Europe increased in light of the increase in demand and in the first nine months of 2020 the company reported a net profit of NIS 90 million. The organizational change is a result, among other things, of the realization of absorbent products in July 2020. On the financial results of the company in recent years, and less suited to the core of the company’s business, as well as of making significant investments in increasing the means of production in the wipes manufacturing activity by about 15 million euros, from April to the end of the year.

The divisions will be managed independently and in synergy with the production and sales activities in their geographical area, and the division managers will be subordinate to the company’s CEO. Technologies The directors of the divisions elected to serve are: Europe Division – Wolfgang Tanbush (former European CEO), US Division – Jim Pleiades (former US CEO), Israel Division – Shlomi Shaobi (former Product Factory Manager ), The fabrics division – Gadi Horesh (former Dimona site manager) and the tampons division – Adi Maor.

Meanwhile, the company showed an improvement in all operational indices in the third quarter of 2020 as a result of the Corona effects. The company moved to a profit of NIS 41.3 million and trades at a multiple of 6.5 over the profits of the first 3 quarters of 2020 (profit at an annual rate of about NIS 117.6 million).

Mickey Lazar, Chairman of the Board: “The new organizational structure will allow for optimal managerial flexibility in the face of business opportunities and the increase in demand in the company’s key target markets. The actions we have taken in the past year, including long-term engagements with new customers and distributors as well as increasing production capacity. “Their level is also high with the exit from the Corona crisis, and after it. I am sure that through our excellent management and employees we will be able to meet the business goals for 2021 and the coming years, and continue to bring value to investors.”

Dan Mesika, CEO of Albad: “Elbad’s new strategic plan focuses on accelerated growth in Europe and in the United States in particular. Adapting the organizational structure to the plan by moving to five business divisions will greatly strengthen our dealings with customers, and will focus the company better on responding optimally to customer needs. Elbad is now better prepared than ever to realize the business potential we recognize in the increase in demand for wipes and to continue the growth momentum. ”