Avgol confirms Blackstone acquisition talks

6 March 12 12:09, Globes’ correspondent
Avgol Nonwoven Industries Ltd. (TASE:AVGL) today confirmed, in response to media reports, that it is in initial contact with private equity firm Blackstone Group LP (NYSE: BX), but added that there were not yet any detailed negotiations on a deal.

Avgol produces a range of nonwoven hygiene and medical products at its production plants in Israel, North Carolina, Russia, and through its joint venture in China with Hubei Gold Dragon Ltd.

Israel Petrochemical Enterprises Ltd. (TASE:PTCH) owns 23.7% of Avgol, Bank Leumi (TASE: LUMI) owns 11.5%, and Music Nut Ltd. owns 15.5%

Avgol’s share price was unchanged at NIS 2.87, giving a market cap of NIS 855 million.

Published by Globes [online], Israel business news – www.globes-online.com – on March 6, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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