Greenkote plc (OFEX:GRKO) has obtained a NIS 1.3 million grant from the Office of the Chief Scientist to develop thin, dry and homogenous coating processes for lightweight metals.
Sunrise Projects CEO Boaz Lantsman, who helped Greenkote obtain the grant, said that this year’s grant was five times the size of last year’s grant.
Summet Hi-Tech Coatings Ltd. was founded in 1999, and was acquired by Greenkote two years ago. Summet changed its name to Greenkote Israel a year ago. The company develops powder coatings for metal components for the vehicle, electronics, construction and other industries. The company has developed a coating process that eliminates stickiness and significantly improves the components ability to withstand chemical and mechanical wear and tear.
Several months ago, Greenkote completed construction of a plant in Germany, which will be closer to its European customers. The company predicts that sales will increase when production lines for outside plants begin operating in 2008. The company predicts $21 million in sales over the next five years.
Published by Globes [online], Israel business news - www.globes.co.il - on March 11, 2007
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