The Ticker: Atlanta Firm Buying Krausz, Israeli Maker of Pipe Components

Atlanta firm Mueller buying Krausz, Israeli maker of pipe components, for $140 million ■ Hong Kong container-shipping firm files to sell bonds in Tel Aviv

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Krausz industries in the United States
Krausz industries in the United StatesCredit: Youtube

Atlanta firm Mueller buying Krausz, Israeli maker of pipe components, for $140 million

Mueller Water Products, an Atlanta-based maker of water infrastructure equipment, said Monday it was paying $140 million in cash to buy Israel’s Krausz Industries. The announcement comes three days after TheMarker reported that the sale would take place. Operating out of an inconspicuous site in south Tel Aviv, Krausz has earned a worldwide reputation thanks to its patented Hymax coupler, which is used to connect pipes, including those of different diameters. “The Krausz name has a strong legacy and is known for its high quality products in the U.S. and internationally,” said Mueller CEO Scott Hall. “The addition of pipe connection and repair to our solution portfolio enables us to address an even broader scope of needs within the water infrastructure system, while expanding our global presence.” Krausz, whose origins go back to a business founded in 1920 in Slovakia, had $43 million in sales in 2017, three-quarters of that in North America. (Assa Sasson)

Hong Kong container-shipping firm files to sell bonds in Tel Aviv

Seaspan, a containership-leasing company based in Hong Kong, has filed to sell 450 million shekels ($122 million) of bonds on the Tel Aviv Stock Exchange. In a draft prospectus filed Sunday, the company said it planned to issue bonds due in 2024 in shekels and would dual-list its New York Stock Exchange-traded shares on the TASE. The company, which designs and builds cargo ships tailored to customers’ requirements and provides maintenance, crew and management, boasts 112 vessels, making it one of the world’s largest container shipowners. As of September 30, it had signed contracts that would generate $5.2 billion in revenue, and has 4,300 employees, of whom 4,100 are seamen. Last week it reported that in the first nine months it boosted revenue 30% from a year earlier to $801.4 million, while net profit rose 85% to $215.7 million. Seaspan is 34%-owned by the U.S.-based Washington family. (TheMarker)

Tel Aviv shares shrug off news to end mixed

Tel Aviv stocks closed mixed in light trading Monday, with a spate of corporate news having little impact. The benchmark TA-35 index ended down 0.1% at 1,611.27 points while the TA-125 fell 0.1% to 1,455.33 on turnover under 1.1 billion shekels ($300 million). On Monday, Morgan Stanley upgraded Teva Pharmaceutical Industries to Market Overweight from Market Weight, lifting its target price by $7 to $27, but the stock ended unchanged at 82.40 shekels. Unitronics reported that a $7 million contract to build automated parking garages in New York had been suspended, but its shares fell just 0.2% to 25.63. IBI Investment House issued an optimistic report on bank earnings a week before the first of the lenders turns in its third-quarter results, but most bank shares showed mild gains. The only exception was Mizrahi-Tefahot, which rose 1.67% to 64.13. Gilat climbed 3.1% to 378.44 after JSAT awarded it a multimillion-dollar contract. (Michael Rochvarger)