Mul-T-Lock Buys Lock-making Plant in Italy

Israeli firm paying NIS 20 million for Essity, which has sales of 7 million euros a year

Mul-T-Lock has bought a lock-making plant in Italy for NIS 20 million.

The company, formerly known as Rav Bariach, acquired the Essity plant by Venice from the Bianco family. The price includes goodwill, equipment and patents.

Essity employs 50 people and boasts sales of about 7 million euros a year, says Mul-T-Lock manager Shimon Shekel.

Mul-T-Lock's sales are expected to reach NIS 470 million this year, up from NIS 305 million in 2006. The company makes and sells electronic locking technology and locks, including through seven subsidiaries outside Israel that market in about 60 countries. Its offices sit in the United States, Turkey, Canada, Argentina, the Czech Republic and France.

The Israeli company has 580 employees, of whom 410 work in Israel. Some 80% of its products are sold in export markets.