Israeli private equity fund Fortissimo Capital is interested in acquiring the Blades Technology plant in Nahariya. A source close to the matter has told “Globes” that Fortissimo, led by founding and managing partner Yuval Cohen, which invests in Israeli industry, has agreed to meet with Lahavim’s management, which is looking for ways to keep the plant open.
Sources have told “Globes” that after publication about the expected closure of the plant and the laying off of its 900 employees, Fortissimo as approached by intermediaries seeking to arrange a meeting between the private equity fund’s heads and Blades’ management. Fortissimo agreed to the meeting to better understand what is involved.
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Blades Technology manufactures precision forged and machined blades for jet engines and is owned by US aerospace giant Pratt & Whitney. The company has three factories in Israel in Nahariya and Tefen in the Galilee.
In a letter sent to employees at the beginning of December, Blades CEO Igor Krapovinsky wrote, “For decades, Blades Technology has been for many of us – managers and employees alike – not only a source of livelihood, but also a source of pride and a home. Unfortunately, for a long time now the plant has been accumulating significant losses that are growing. The production processes that exist today at Blades Technology do not allow us to maintain productivity in a way that would be economically feasible, due to lower demand for compressor blades.”
Blades employees were told that Pratt & Whitney have decided to cease production of compressor blades in Israel in a process that will be completed in 2025 and that most of the Nahariya plant’s 900 employees will be fired. Krapovinsky wrote to employees that the company understands the significance of its announcement and future concerns about employment and promised to assist in the matter as far as is possible.
Published by Globes, Israel business news – en.globes.co.il – on December 13, 2022.
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