Ballistic armoring maker FMS Enterprises Migun (TASE: FMS) has sold its subsidiary Pamako, which operates out of Switzerland, for NIS 83 million. The buyer is Koninklijke DSM, a Dutch company, according to a Reuters report.
FMS, controlled by Daniel Blum, made NIS 47 million on the transaction, it said, adding that it has already received the money.
Pamako makes polyethylene sheeting used to make armoring and marine cable products. Its plant only recently began operating and its sale is not expected to impact FMS' business results.
In 2005 the Pamako plant lost NIS 14.6 million, after tax. In it financial statement for that year, FMS wrote that Pamako was working on the development of new products, but the process was taking longer than expected because it was using the latest technologies.
FMS said it was seeking a partner in the company, to market its products in additional markets.