The management team of U-tron opened trade this morning (19.3.19) in honor of its listing on the Tel Aviv Stock Exchange (TASE). The company was spun off from Unitronics, which trades on TASE as well, and as a result of the spin-off, U-tron has become a new TASE listing.
U-tron is engaged in the planning, development, manufacture, establishment and maintenance of automated systems for autonomous parking lots, as well as in projects for the automization, computerization and integration of computerized logistics services. Autonomous parking installations comprise the company’s key growth engine, primarily in the United States.
It is anticipated that this coming June, U-tron’s shares will become constituents of the TA-Growth, TA-Industrials, TA GlobaL-BlueTech and TA-Technologies industries, while Unitronics shares will remain in these indices as well.
Haim Shani, CEO Unitronics: “We are delighted and excited to open trading on TASE together with U-tron, which is engaged with the planning, establishment and maintenance of robotic parking installations and automated logistics systems. We trust and are certain that through the spin-off of activity, U-tron will now be able to focus on its core markets, to establish itself as a global enterprise and to enhance its profitability in the field of automated solutions. U-tron will operate at full throttle to realize its business potential, while maintaining its leadership and technological innovativeness, and will know how to maximize value for its shareholders.”
Meir Yehuda, Economist, TASE listing Unit: “Following the spin-off and as of today, U-tron’s market capitalization comes to NIS 238 million, while the market cap of Unitronics stands at NIS 152 million, such that the value of both companies comes to NIS 390 million, greater than the market cap of Unitronics on the eve of the spin-off, which came to NIS 368 million. This move has created value for investors, yielding, as of today, 6%. We are also pleased to take this opportunity to mention that Unitronics is currently celebrating the 15-year anniversary of its listing on TASE. I wish both companies continued success; particularly U-tron, will continue to do everything it its power to revolutionize parking worldwide, for the benefit of the company and its investors, and the convenience of us all.”
In the pircture: Meir Yehuda, Economist,TASE listing Unit; Amit Ben Zvi, Chairman, U-tron; Bareket Shani, V.P. U-tron, and Amnon Neubach, Chairman of the Board, TASE.
Photographer: Omer Messinger, The photo is free of charge.