Ashot Ashkelon Industries, a manufacturer of tank and APC components, received orders from the Defense Ministry in the amount of approximately NIS 86 million (about $23 million). The company, under the control of the First Israel Mezzanine Investors (FIMI) Opportunity Fund, has a backlog of orders from the Defense Ministry and other clients amounting to approximately 1.6 billion shekels ($429.4 million), the largest in its history.
"Since the outbreak of the war, the company continues its activities while providing support to its customers, particularly to the Defense Ministry, as well as to all of its customers in Israel and abroad in all fields," said Ashot's CEO Eliyahu Damari.
The FIMI Opportunity Fund purchased Ashot from Elbit in 2022 for more than NIS 330 million. Today, the market value is about 830 million shekels. Since the beginning of the year, the stock has increased by 35%. FIMI, headed by Ishay Davidi, owns a defense division that includes 13 companies, including Ashot, Bet Shemesh Engines Ltd, ISI – Geospatial Solutions & Services, PCB Technologies Ltd, Bird Aerosystems Ltd. and Aitech Inc.
Following the outbreak of war in Israel, the Defense Ministry's orders have been piling up with incredible speed. Some of the orders were basic shelf products and the rest were never ordered from the company before.
"The new orders are a very important milestone in strengthening the company's position as a global and technological leader in the defense field," Ashot said in a statement. The current deal will be supplied to the IDF over two years for the production and supply of tank and APC components.
Ashot Ashkelon is considered a global and technological leader in the production of components, supplying international companies with military and civil aviation parts. In 2011, they expanded their activities in the American market after acquiring the Illinois-based Reliance Gear company. Gear Reliance specializes in the production of advanced components.