Brand stock leaping 35% on Intel contract
Roughly $12 million order may double Brand sales in 2006
Stock in smallcap metals company Tel Aviv-listed Brand Industries (TASE: BRND) is soaring 35% Monday morning, after the company won a project to build the steel shell for Intel's new building in Kiryat Gat.
The order is estimated to be worth about $12 million for Brand, which will be carrying out the job during 2006.
Brand received notice that it had won the contract from representatives of M+W Zander Israel, which is managing and supervising the project on Intel's behalf. The contract remains contingent on signing a letter of intent, which should take place within a few days, and signature on a final contract.
Supply is scheduled to take place between May and October 2006, Brand says.
The order should almost or actually double Brand's sales in 2006 from its average of about NIS 60 million a year.
This year, not including today's leap, Brand shares have risen 38%, on top of rising 33% during 2005. The company's market cap before today's climb was NIS 29 million.