Eltek Intends to Build Second Production Facility


Reading time ( words)

Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, provided an update regarding its intention to apply to the Israel Land Authority (ILA) for an allocation of  land in the north of Israel where Eltek intends to build a second production facility.

The Ministry of Economics approved a recommendation to the ILA to allocate land in the north of Israel to Eltek without the need for a bidding process. Such recommendation provides for an exemption period of 24 months from the requirement to acquire the land by means of a tender. The land development cost is expected at a 30% discount to prevailing market prices. Following receipt of the Ministry of Economics recommendation, our board of directors instructed management to apply to the ILA for the necessary permits and to finalize the terms of a long term pre-paid lease. 

Eli Yaffe, Eltek's CEO, commented: "We are considering expanding to a new and second advanced facility within a few years. This is a major part of our long term and strategic roadmap in order to grow and accelerate the expansion of our business."

Eltek is at an early stage of this process and there can be no assurance that it will obtain all the necessary permits for a new plant from the ILA, or that it will be able to finance such project.

Share

Print


Suggested Items

Gene Weiner: Lessons Learned From COVID-19

04/07/2020 | Barry Matties, I-Connect007
Barry Matties speaks with Gene Weiner, president and CEO of Weiner International Associates, about the electronics industry’s continued operation under COVID-19 restrictions and some of the lessons learned during this pandemic. One such lesson: Companies and nations must do a better job of sharing information to help prevent this from happening again.

RTW IPC APEX EXPO: Rogers' Anthony Mattingly Discusses the Advanced Laminate Market

02/15/2019 | Real Time with...IPC
Rogers Corporation's Senior Product Manager Anthony Mattingly and Editor Pete Starkey discuss the ever-evolving market for advanced laminates for technologies such as 5G. Mattingly explains how Rogers has invested heavily in infrastructure for adding about 40% more capacity in the next few years.

Upcoming 2019 Trade Show Season in the USA

12/19/2018 | Dan Feinberg, Technology Editor, I-Connect007
A look back at Dan Feinberg's predictions made a year ago, and a preview of what we might see at CES 2019 along with some new projections. CES—the first, largest, and most influential and predictive of global electronics trends of this group of trade shows.



Copyright © 2021 I-Connect007. All rights reserved.