Holdings data in the stock of MAGAL SECURITY SYSTEMS LTD
According to FUNDER website data,
13 mutual funds hold MAGAL SECURITY SYSTEMS LTD in the amount of NIS 6.84 million
Below are the funds that hold the stock
Below is a change in the holdings of the mutual funds in the share of MAGAL SECURITY SYSTEMS LTD according to data from FUNDER-MVF
Magal Security Systems Company (NASDAQ: MAGS), A leading international provider of integrated solutions and products for physical security, including through video and access control systems, as well as critical website management, reports that it has signed an agreement to sell its Integrated Solutions division to Aeronautics, a subsidiary of Rafael, for approximately 35 million dollar.
The transaction is expected to close during the second quarter of 2021 and is subject to acceptable closing conditions, including regulatory approvals. The company will hold a conference call on Wednesday, February 10, 2021, to discuss the details of the transaction at 11:00 AM Eastern time (18:00 Israel time).
Magal’s strategic decision to sell its turnkey projects division will allow Magal to focus on high – tech products, solutions and services in 4 main areas of activity: energy, logistics, critical facilities and prisons. These areas provide Magal the best option to increase its security solutions offering and target markets while expanding its customer base.
Following the sale of the projects division, Magal’s headquarters located in Israel will continue to manage Senstar’s products division, which has development and production facilities in Canada and sales offices in the United States, Europe, Asia Pacific and Latin America. In the last 12 months, Senstar’s revenue accounted for 46% of Magal’s total revenue. , While they represent a gross profit margin of 64%, compared to an overall gross profit margin of 45%. Total revenue.
After the sale, Magal expects higher growth rates with improved gross profit rates and a stronger balance sheet. The company will leverage Senstar’s leading positioning, continue to expand its high-tech product line and software, and plans to make strategic acquisitions in order to achieve growth in the global markets in which it operates.
Magal CEO Dror Sharon Noted that “Magal’s future is in developing a market-leading technology for the security industry. Senstar’s proven growth and profitability are well established to further leverage its business operations and share value. Senstar team will continue to strive for innovation, product lines and new product development that will set a standard of quality, innovation “The sale enables the company to realize the business model and strengthen the balance sheet in favor of implementing the long-term strategy.”
Moshe Elazar, President and CEO of Aeronautics He added that “Magal’s projects division will become an independent company under Aeronautics. The Aeronautics Group is committed to Magal’s partners and customers around the world. HLS and Advanced Pre-Military. “
Under the terms of the agreement, Aeronautics has agreed to acquire the Magal project division for $ 35 million in cash, in CASH-FREE DEBT-FREE terms subject to working capital adjustments and other acceptable adjustments. As part of the deal, Aeronautics is also acquiring Magal’s plant in Yehud, Israel. The agreement for the purchase of the assets (including the shares of the subsidiaries belonging to the projects division – INTEGRATED SOLUTIONS) includes customary presentations, the conditions and the indemnification instructions. Subject to acceptable regulatory approvals and closing conditions, as set out in the agreement to purchase shares and assets, Magal expects the transaction to be completed during the second quarter of 2021.
Conference call details
To attend the conference call this coming Wednesday, please use one of the following numbers. The company requests that participants log in 10 minutes before the call date and use conference number 13716415.
Toll Free Number – 1-877-407-9716
International toll-free number – 1-201-493-6779
Israel toll free number – 1-809-406-247
UK toll free number – 0-800-756-3429
The conference call will take place on Wednesday, February 10, 2021, at 11:00 East Coast Time (18:00 Israel time, 16:00 UK time).
The conference call will be broadcast live on the webcast at the following link:
https://public.viavid.com/index.php?id=143507
Consultants
The law firm of Nashitz Brands Amir & Co. served as the legal counsel of Magal and the law firm of Fischer Bachar Chen Wall Orion & Co. served as the legal counsel of Aeronautics.
For the full report